Lloyd’s Register Acquires Ocean Technology Group Expanding Digital Platform

Lloyd’s Register Group is acquiring Ocean Technology Group, a provider of operational and human capital management software for the maritime industry, as part of its ongoing strategy of expanding digital solutions as part of its professional services offering. LR reports the company which is being acquired from Oakley Capital will be combined with its fast-growing digital business, LR OneOcean, to create a larger software platform for the maritime sector that will help to accelerate the digital transformation in the industry.

“This is a really transformative acquisition for LR and our clients and reinforces our focus on maritime,” said Nick Brown, Chief Executive Officer of LR. “The purchase of OneOcean in 2022 gave us the digital capability to support and optimize 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.”

LR points to the need for end-to-end energy transition solutions for clients saying that its goal is to provide advisory and feasibility studies on alternative fuels and the training and development of seafarers needed for the transition and learning how to handle and use the new fuels and technologies. They cite data from the Maritime Just Transition Task Force, set up by the International Chamber of Shipping, the International Transport Workers’ Federation, the UN Global Compact, the International Labour Organization, and the International Maritime Organization, about the requirements for training during the energy transition. The Task Force estimated that up to 800,000 seafarers will require training on alternative fuels and new engines by the mid-2030s.

Ocean Technologies Group which was launched in 2020 to combine the capabilities of industry leaders provides critical training, compliance, operational, and HR software to over 1,000 shipowners and operations and more than one million seafarers. The key modules offered by OTG focus on training crew and fleet management, and regulatory intelligence. 

Thomas Zanzinger, CEO of OTG, highlights the opportunities to further extend the operations and rapidly expand capabilities. LR says it will be able to offer OTG’s solutions across a combined fleet of over 30,000 vessels.

The acquisition continues the trend of consolidating different modules into a unified platform to meet the evolving needs of the maritime industry. LR merged Chartco and Marine to form its platform while OTG combines offerings of Seagull Maritime, Videotel, Tero Marine, Marlins, Compas, and Dan Docs.

J.P. Morgan is providing a lending package to support the acquisition of OTG. LR expects to complete the acquisition in the fourth quarter of 2024.