We advise OneOcean on acquisition of leading shipping software company

Published by Craig Dallender on 14 December 2023

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Our corporate finance team have successfully advised OneOcean Group Limited on the acquisition of IT Energy Systems and Consulting Limited (ITE). The firm provided financial due diligence and tax due diligence to support the transaction. 

Following the acquisition, OneOcean, part of Lloyd’s Register, now owns a 50% interest in the leading work and rest hours crew compliance software, ISF Watchkeeper, developed jointly by ITE and the International Chamber of Shipping (ICS).

ISF Watchkeeper is the industry-leading standard software helping shipping companies comply with seafarers’ work and rest hours. Joint ownership with the International Chamber of Shipping (ICS) will combine the pair’s compliance and industry expertise to improve crew and environmental safety standards in the maritime industry.

Our team was led by Corporate Finance Associate Director Craig Dallender with support from Corporate Finance Assistant Manager Lloyd Halliwell.

Craig Dallender said: “Kreston Reeves has a strong relationship with OneOcean having supported the business in previous acquisitions. This acquisition is a significant milestone for the business, with ISF Watchkeeper used by more than 180,000 seafarers for calculating seafarers’ rest hours and planning work schedules. We are delighted to play a role in its continuing growth journey.”

Martin Taylor, CEO, OneOcean Group Limited said: “The addition of ISF Watchkeeper to the Lloyds Register Digital Solutions business adds further to our existing complement of digital voyage solutions. ISF Watchkeeper has the only comprehensive database of crew working practices and through this we will be able to provide detailed insights to help improve seafarer safety and efficiency at sea. The ISF Watchkeeper functionality will sit alongside the OneOcean platform and other LR solutions that are now present on half of the world’s SOLAS fleet.”

Elliott Adams, Chief Finance and Commercial Officer at the International Chamber of Shipping said: “ISF Watchkeeper is a vital piece of software for shipowners, ship managers and seafarers. Being able to benefit from Lloyds Register’s network and complementary tools provides significant benefits for the industry as we look to expand and further enhance the ISF Watchkeeper suite of software solutions.”

ISF Watchkeeper

ISF Watchkeeper is a suite of digital solutions that helps global ship operators plan, manage and report their crew’s rest hours compliance in accordance with International Convention on Standards of Training, Certification and Watchkeeping for Seafarers and the Maritime Labour Convention. The solution will complement and strengthen the already existing digital voyage solutions available with OneOcean.

ISF Watchkeeper has recently developed a benchmarking solution that allows shore-based teams to assess fleet compliance geographically, enabling comparison against wider industry averages.

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