Lloyd’s Register to buy Ocean Technologies Group from Oakley Capital

Classification society Lloyd’s Register on Monday (2 September) said it will acquire Ocean Technologies Group (OTG), a provider of human capital management and operational software for the maritime industry, from European private equity firm Oakley Capital.

OTG provides critical training, compliance, operational and HR software to over 1,000 shipowners and operators and over one million seafarers around the world. 

With the acquisition, LR will now be able to offer OTG’s solutions across a combined fleet of over 30,000 vessels.

Acquiring OTG represents a significant milestone in LR’s journey to become a leading provider of digital solutions for the maritime industry and follows the acquisitions of OneOcean in 2022 and the purchase of a 50% stake alongside the International Chamber of Shipping (ICS) in ISF Watchkeeper in 2023.

This acquisition will allow LR to provide a complete end-to-end energy transition solution for clients from advisory and feasibility studies on alternative bunker fuels to the training and development of seafarers on the handling and use of those fuels.

LR’s aim is to combine OTG with its fast-growing digital business, LR OneOcean, to create one of the largest software platforms in maritime and to help accelerate the digital transformation of the industry.  

“This is a really transformative acquisition for LR and our clients and reinforces our focus on maritime. For over 260 years we have provided trusted advice on the safety and performance of assets and vessels. 

Nick Brown, Chief Executive Officer of LR, said: “The purchase of OneOcean in 2022 gave us the digital capability to support and optimise the safe and compliant operations of vessels and now with the acquisition of OTG we will be able to provide a strategic approach to attracting, developing, managing and retaining maritime professionals at sea and ashore.

“It also complements perfectly the acquisition of the stake in ISF Watchkeeper, allowing us to advise owners and operators when to deploy training at the most optimum time for competency development onboard.”

Completion of the acquisition is subject to obtaining customary regulatory approvals and is expected to take place in the fourth quarter of 2024.

Photo credit: Lloyd’s Register
Published: 3 September, 2024