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

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.

Nick Brown, Chief Executive Officer of LR, 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, CEO of 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.

About Lloyd’s Register 

Trusted maritime advisors, partnering with clients to drive performance across the ocean economy.

Lloyd’s Register (LR) is a global professional services group specialising in marine engineering and technology. Created more than 260 years ago as the world’s first marine classification society, to improve and set standards for the safety of ships.

Today we are a leading provider of classification and compliance services to the marine and offshore industries, helping our clients design, construct and operate their assets to accepted levels of safety and environmental compliance.

We also provide advice, support and solutions on fleet performance, fleet optimisation and voyage optimisation, enhancing our clients’ digital capabilities. Our digital solutions are relied upon by more than 20,000 vessels.

In the race to zero emissions, our research, technical expertise and industry-firsts are supporting a safe, sustainable maritime energy transition.

Lloyd’s Register Group is wholly owned by the Lloyd’s Register Foundation, a politically and financially independent global charity that promotes safety and education.

For more information, go to www.lr.org

About Ocean Technologies Group

Powering teams that deliver for people and planet

Ocean Technologies Group empowers maritime professionals across the globe with digital learning, assessment, crew management, fleet management and regulatory intelligence solutions, that drive operational excellence by unlocking the true potential of workforces.

Its award-winning suite of software and content provide visibility across the entire employee lifecycle, enabling the identification and development of talent, management of complex logistical workflows aboard ship and ashore, and delivering invaluable data insights for strategic planning.

It is built on the world recognised e-learning providers Seagull Maritime and Videotel and has been further strengthened by the Compas, Marlins, MTS, Tero Marine and DanDocs Marine Regulation brands. The group boasts over 100 years’ collective experience of helping the most successful ship operators achieve the highest standards. With the mission statement “Powering teams that deliver for people and planet”, Ocean Technologies Group and its global team of over 350 Oceaneers help make the industry safer, more sustainable and able to reach performance beyond compliance.

www.oceantg.com