Lloyd’s Register Group (LR) has reached an agreement to acquire Ocean Technologies Group (OTG), a provider of software dedicated to the global maritime industry, from European private equity firm Oakley Capital.
Following the revision to the IMO GHG strategy in 2023 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, a report commissioned by the Maritime Just Transition Taskforce 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.
Besides training, OTG provides 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 is said to represent 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.
Nick Brown, LR CEO, said: “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. 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.”
Thomas Zanzinger, OTG CEO OTG, said: “Becoming a part of Lloyd’s Register is a great opportunity to further extend our global leadership in maritime which we have built with the support of Oakley. It allows us to rapidly expand our capabilities within an organisation that aligns perfectly with our mission, vision and values as we support our industry towards a digital and sustainable future. Key to that future is the ability to unlock the potential of our people through investing in Human Capital Management and harnessing technological innovation across vessel operations. I am truly excited to unlock the potential of what this combination of our highly trusted brands can achieve together for our clients.”
Peter Dubens, Oakley Capital Co-Founder and Managing Partner, said: “In partnership with Thomas and his team, we have helped to transform OTG from a single product solution into a diversified, best-in-class platform and partner to the shipping industry, and a small but critical enabler for sea transport and trade. We look forward to seeing OTG’s continuing growth now as part of Lloyd’s Register.”
Completion of the acquisition is subject to obtaining customary regulatory approvals and is expected to take place in the fourth quarter of 2024.
Image: Nick Brown, LR CEO (credit: Lloyd’s Register)
