The Gulfstream G550 is a business jet aircraft produced by General Dynamics' Gulfstream Aerospace unit in Savannah, Georgia, US. The certification designation is GV-SP. A version with reduced fuel capacity was marketed as the G500. Gulfstream ceased production of the G550 in July 2021.
The first production G550 (GV-SP) flew on 18 July 2002 and the aircraft received its FAA type certificate on August 14, 2003. In 2014, Gulfstream looked at a re-engine with the Rolls-Royce Pearl BR700 development announced in May 2018 for the new Global Express 5500 and 6500 variants but preferred the BR725-powered, 7,500 nmi G650. The 500th Gulfstream G550 aircraft was delivered in May 2015.
Deliveries went from 50 aircraft in 2011 to 19 in 2016 and with 40 units for sale in a fleet of 540. Valuations of the G550 are falling: a 10-year-old G550 valued $28 million a year before is worth $18-$20 million in January 2017, while a two-year-old went from $40 to $35 million. In May 2017, early 2003 G550s were valued at $14 million against more than $45 million for newly purchased aircraft, flying an average of 425 hours per year. In December 2018, a 2012-2013 G550 was valued $28-31 million, and cost $7,135 per hour for 400 hours a year.
As it was replaced by the Gulfstream G600 by October 2019, the G550 was kept in limited production for long-term special missions applications and government orders.
The final commercially available G550 was delivered in June 2021 after more than 600 of the aircraft were produced.