Lloyd’s Register Group (“LR”), a global provider of maritime professional services and digital solutions, has reached an agreement to acquire Ocean Technologies Group (“OTG”), a leading trusted provider of human capital management and operational software dedicated to the global maritime industry, from European private equity firm Oakley Capital (“Oakley”).
OTG provides critical training, compliance, operational and HR software to over 1,000 shipowners and operators and over one million seafarers around the world. 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.
The International Maritime Organization (IMO) revised its Greenhouse Gas strategy last year to include a common ambition to reach net-zero GHG emissions from international shipping by or around 2050 and a commitment to ensure an uptake of alternative zero and near-zero GHG fuels by 2030. In a report commissioned by the Maritime Just Transition Taskforce, it was estimated that up to 800,000 seafarers will require training on alternative fuels and new engines by the mid-2030s to cope with this need.
This acquisition will allow LR to provide a complete end-to-end energy transition solution for clients from advisory and feasibility studies on alternative 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.
Completion of the acquisition is subject to obtaining customary regulatory approvals and is expected to take place in the fourth quarter of 2024.