BP today announced an initial investment and the creation of a strategic partnership between its BP Ventures and Air BP businesses with Victor, one of the world’s leading ‘on-demand’ marketplaces for private jet charters.
As part of the partnership, BP Ventures has committed to investing $10 million in Victor. In addition, Air BP has entered into a commercial agreement to become the preferred fuel supplier for flights arranged via the Victor digital platform at Air BP locations.
This investment is part of BP Ventures strategy to invest to accelerate the development, commercial viability and deployment of digital technologies and offers across the BP group. Air BP, which has a growing digital presence, stands to further benefit from this new collaboration.
Victor launched in 2011, providing quick, easy and efficient ‘on demand’ jet charter booking services for flyers by connecting them with business and private jet operators using a proprietary digital platform underpinning its sales, marketing and customer service functions. This smart, data-driven platform, and a uniquely transparent customer proposition, has enabled it to operate more efficiently – at a lower cost than many traditional charter brokers. Victor’s customer-friendly mix of ‘hi-tech and high touch’ has also delivered 946% revenue growth over recent years. Victor has helped drive the transformation of private jet chartering.
Through its cooperation with Air BP, Victor will continue to innovate and develop its core digital platform. This will allow operators to participate in a more streamlined charter quote, booking and settlement process. Victor will also trial an initiative giving customers the chance to offset carbon emissions from their Victor-booked flights via BP Target Neutral.
In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), BP is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events – which may relate to one or more of the financial condition, results of operations and businesses of BP and certain of the plans and objectives of BP with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk factors” and in any of our more recent public reports.
Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.