Lloyd’s Register Group (LR) has announced its acquisition of Ocean Technologies Group (OTG), a provider of human capital management and operational software for the maritime industry, from European private equity firm Oakley Capital.
According to LR, OTG’s software is used by over 1,000 shipowners and operators, serving more than one million seafarers worldwide. This acquisition allows LR to integrate OTG’s offerings with its existing digital services, expanding its reach to over 30,000 vessels.
This move is part of LR’s broader strategy to enhance its digital capabilities and support the maritime industry’s transition towards sustainability. As informed, LR’s acquisition of OTG positions it to offer comprehensive solutions for energy transition. This includes advisory services on alternative fuels and training for seafarers on the use of new technologies and fuels.
By combining OTG with its digital business, LR aims to create one of the largest software platforms in the maritime industry, driving the digital transformation essential for meeting future environmental and operational challenges.
The acquisition is expected to be completed by the fourth quarter of 2024, subject to regulatory approvals.