LR buys OTG from private equity firm

Oakley Capital has agreed to sell OTG to LR in a deal expected to complete in the fourth quarter 2024. 

LR said it would now be able to offer OTG’s training, compliance, operational and HR software to its fleet of 30,000 vessels, expanding OTG’s current clientbase of 1,000 shipowners and operators.

The acquisition will enable LR to provide a complete end-to-end energy transition solution for clients, it said, from advisory and feasibility studies on alternative fuels to the training and development of seafarers on the handling and use of those fuels.

LR aims to combine OTG with its own LR OneOcean software platform.

Nick Brown, CEO of LR said: “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.”

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.”

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