Fort Lauderdale, Florida-based VIP Completions today provided an update on its operations along with an outlook for 2024 activities that include a Boeing BBJ refurbishment. Now operating with full hangars, the company also expects to convert a Gulfstream G550 from a business aircraft to a Medevac air ambulance and perform a full interior refurbishment of a Dassault Falcon 7X.
“These are all big projects,” said VIP Completions president Ben Shirazi. “Working on corporate airliners and long-range business jets gives our team the opportunity to transform and revitalize aircraft. Comprehensive refurbishments dramatically improve the in-flight experience while increasing the value of our clients’ assets.”
While industry consensus appears to indicate a 2 percent growth rate this year, resulting in the delivery of 775 new-production business aircraft, a return to pre-pandemic “reality” and a largely recovered supply chain seem to point to a period of stability, according to VIP Completions.
“Looking specifically at preowned business aircraft, we anticipate a slight softening in pricing this year,” said Shirazi. “However, that can be beneficial for refurbishments and conversions because buyers will take a closer look at value. In turn, owners may decide that upgrading their current aircraft is more attractive than putting it on the market. For these reasons, we believe that refurbishments and conversions will remain quite strong…we are feeling optimistic.”