Lloyd’s Register Expands Digital Platform with Acquisition of Ocean Technology

Lloyd’s Register Group has announced its acquisition of Ocean Technology Group, a provider of operational and human capital management software for the maritime industry. This move is part of LR’s strategy to expand its digital solutions within its professional services offering. The acquisition, which is being purchased from Oakley Capital, will be integrated with LR OneOcean to create a larger software platform for the maritime sector, aimed at accelerating the industry’s digital transformation.

LR’s Chief Executive Officer, Nick Brown, described the acquisition as transformative for both LR and its clients, emphasizing the company’s focus on the maritime sector. By combining LR OneOcean with OTG, LR will now offer a strategic approach to attracting, developing, managing, and retaining maritime professionals. The goal is to provide end-to-end energy transition solutions, including advisory services on alternative fuels and training for seafarers to handle new technologies and fuels.

Ocean Technology Group, established in 2020, provides critical training, compliance, operational, and HR software to shipowners and operations, serving more than one million seafarers. The acquisition by LR will enable the company to offer OTG’s solutions across a fleet of over 30,000 vessels. This consolidation trend in the maritime industry aims to address evolving needs, such as LR merging Chartco and Marine to form its platform and OTG combining offerings from various industry leaders.

J.P. Morgan is providing a lending package to support LR’s acquisition of OTG, with the completion of the transaction expected in the fourth quarter of 2024. LR’s focus on expanding digital solutions and enhancing its professional services offering underscores its commitment to supporting the digital transformation and growth of the maritime industry.

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