The G550 is a Gulfstream V with some significant improvements. It was unofficially known as the G VSP, prior to its baptism as the G550.
In 1997, Gulfstream introduced a new era in the history of business aviation with the Gulfstream V, the world's first ultra-long-range business jet. The Gulfstream 550 was introduced In 2002, as part of Gulfstream’s product line transformation.
The G550 is powered by two Rolls-Royce BR710 turbofan engines and is able to travel non-stop for 6,750 nautical miles with speeds up to Mach 0.885. The cabin is a G IV cabin that has been stretched 5 feet to make room for a crew rest area. The avionics suite is Honeywell’s PlaneView cockpit, an outgrowth of their Primus Epic architecture.
Both the G500 and G550 have improvements in aerodynamics leading to reduced fuel burns compared to the G V. The G550 gets the head-up display and enhanced vision system as standard, while it is an option for the G500. The G550 comes with a customizable cabin layout, has slightly different weights, greater range, and a higher base price (matching its higher level of standard features) compared to the G500.
The G550 has been in production since 2003.