It placed 53.3 million shares at 6p each, raising £615,250 and valuing the company at £3.2 million.

London-based OGSS will focus on investments in the oil and gas services industry, particularly personnel, logistics and equipment. The company is led by chairman Mark Watson-Mitchell, who owns a 3.2 per cent stake in the company, along with non-executive directors Anthony Scutt and Loizos Yerolemou.

OGSS is already in talks with potential acquisition targets, according to Watson-Mitchell.

AIM-listed investment company Addworth, of which Watson-Mitchell and Scutt are chairman and non-executive director respectively, owns 25 million shares in OGSS, a 47 per cent stake.

St Helen’s Capital was corporate adviser to OGSS. Winterflood Securities is its market maker.