NetJets signs $1.9-billion agreement with Gulfstream

US-based private jet operator, NetJets, plans to significantly expand its fleet of large-cabin Gulfstream G450s and Gulfstream G550s aircraft, according to a report in Australian monthly magazine, Transportation Business Journal.

The report states in a new agreement signed with Gulfstream valued at $1.9 billion (Dh6.9bn), NetJets will acquire 40 new Gulfstream aircraft – four Gulfstream G450s and four Gulfstream G550s, to be delivered each year from 2012 through 2016. The deal also includes a long-term maintenance support agreement. And part of the new deal, according to the monthly, includes more than $250m in maintenance support.

Under its current agreement with Gulfstream, signed in 2006, NetJets receives four Gulfstream 450s and four Gulfstream 550s each year through 2011.

"NetJets and Gulfstream have been strong and successful partners for more than a decade and this agreement represents a strategic investment for our future," Richard T Santulli, Chairman and CEO of, NetJets was quoted as saying.

"These aircraft offer NetJets Owners premiere large-cabin amenities and the flexibility of intercontinental range. Gulfstream products provide our pilots and flight attendants with the best in next-generation technology and their service teams ensure we meet the high standards of performance and reliability NetJets Owners expect," he said.

NetJets, with more than 90 per cent of the long-range cabin fractional market – considered the largest operator of Gulfstream aircraft in the world – as of June 2008, NetJets' worldwide Gulfstream fleet totals 110, comprising 21 Gulfstream G550/V, 55 Gulfstream G450/400/IV-SP and 34 Gulfstream G200s.

NetJets, a Berkshire Hathaway company, is a pioneer of the aircraft fractional ownership concept, which allows individuals and companies to buy a share of a private business jet at a fraction of the cost of whole aircraft ownership.

NetJets flies to more than 173 countries each year and has operations in the US, Europe and the Middle East. The NetJets Middle East fleet includes 16 light, midsize and large cabin aircraft accommodating from six to 18 passengers with flight range of up to 4,300 nautical miles. The Middle East fleet is expected to grow by 60 new aircraft, on order now, with delivery of one aircraft per month starting this month.