Summary
Marubeni Corporation (Marubeni) agreed to acquire a 49% stake in Gulfstar One, LLC (Gulfstar), a company engaged in the construction of a floating production platform at the offshore Tubular Bells field (Gulfstar FPS project), from Williams Partners L.P. (Williams Partners). As per the terms of the agreement, upon completion of the acquisition, Marubeni will contribute approximately US$225 MM to fund the capital expenditures of the project, followed by monthly capital contributions representing its 49% interest.
Gulfstar FPS is Williams Partners’ proprietary Floating Production System (FPS). The initial Gulfstar FPS, expected to be operational in Q1 2014, will support multiple agreements with Hess Corporation and Chevron U.S.A Inc., through which production handling, the export pipeline, oil and gas gathering and gas processing services will be provided for the Tubular Bells field development, located in the eastern deepwater Gulf of Mexico. The Gulfstar FPS is expected to be capable of serving as a central host facility for other deepwater prospects in the area. The project cost of Gulfstar FPS is approximately US$1,000 MM. The acquisition is expected to be closed in Q2 2013.
Scope
- The report highlights the rationale behind Marubenis plan to acquire 49% interest in Gulfstar One from Williams Partners
- The report also describes key benefit to Williams Partners from the transaction.
- Geography Covered- US
Reasons to buy
- To understand the strategic intent behind Marubeni’s planned acquisition of 49% interest in Gulfstar One from Williams Partners
- To gain insight in to Williams Partners aims to gain flexibility in capital spending through the 49% stake sale to Marubeni
Marubeni Corporation (Marubeni) agreed to acquire a 49% stake in Gulfstar One, LLC (Gulfstar), a company engaged in the construction of a floating production platform at the offshore Tubular Bells field (Gulfstar FPS project), from Williams Partners L.P. (Williams Partners). As per the terms of the agreement, upon completion of the acquisition, Marubeni will contribute approximately US$225 MM to fund the capital expenditures of the project, followed by monthly capital contributions representing its 49% interest.
Gulfstar FPS is Williams Partners’ proprietary Floating Production System (FPS). The initial Gulfstar FPS, expected to be operational in Q1 2014, will support multiple agreements with Hess Corporation and Chevron U.S.A Inc., through which production handling, the export pipeline, oil and gas gathering and gas processing services will be provided for the Tubular Bells field development, located in the eastern deepwater Gulf of Mexico. The Gulfstar FPS is expected to be capable of serving as a central host facility for other deepwater prospects in the area. The project cost of Gulfstar FPS is approximately US$1,000 MM. The acquisition is expected to be closed in Q2 2013.
Scope
- The report highlights the rationale behind Marubenis plan to acquire 49% interest in Gulfstar One from Williams Partners
- The report also describes key benefit to Williams Partners from the transaction.
- Geography Covered- US
Reasons to buy
- To understand the strategic intent behind Marubeni’s planned acquisition of 49% interest in Gulfstar One from Williams Partners
- To gain insight in to Williams Partners aims to gain flexibility in capital spending through the 49% stake sale to Marubeni
1.1 List of Tables 1
1.2 List of Figures 1
2 Marubeni to Acquire 49% Interest in Gulfstar One from Williams Partners 1
2.1 Deal Overview 1
2.2 Deal in Brief 1
2.3 The Acquisition is Part of Marubeni’s Plan to Boost its Presence in Oil and Gas Infrastructure Projects 2
2.4 William Partners Aims to Gain Flexibility in Capital Spending through the 49% Stake Sale to Marubeni 3
2.5 Gulfstar FPS is William Partners’ First Proprietary Floating Production Platform Project for the Tubular Bells Field in the Gulf of Mexico 4
2.6 Deal Financials and Valuations 4
3 Appendix 5
3.1 Abbreviations 5
3.2 Sources 5
3.3 Methodology 5
3.4 Contact Us 6
3.5 Disclaimer 7
1.2 List of Figures 1
2 Marubeni to Acquire 49% Interest in Gulfstar One from Williams Partners 1
2.1 Deal Overview 1
2.2 Deal in Brief 1
2.3 The Acquisition is Part of Marubeni’s Plan to Boost its Presence in Oil and Gas Infrastructure Projects 2
2.4 William Partners Aims to Gain Flexibility in Capital Spending through the 49% Stake Sale to Marubeni 3
2.5 Gulfstar FPS is William Partners’ First Proprietary Floating Production Platform Project for the Tubular Bells Field in the Gulf of Mexico 4
2.6 Deal Financials and Valuations 4
3 Appendix 5
3.1 Abbreviations 5
3.2 Sources 5
3.3 Methodology 5
3.4 Contact Us 6
3.5 Disclaimer 7
1.1 List of Tables
Table 1: Marubeni, Acquisitions and Asset Transactions, 2010 to Present 2
Table 2: Companies Involved 4
Table 3: Financials of the Deal 4
Table 4: Target Information 4
Table 5: Acquirer Information 5
Table 6: Vendor Information 5
Table 1: Marubeni, Acquisitions and Asset Transactions, 2010 to Present 2
Table 2: Companies Involved 4
Table 3: Financials of the Deal 4
Table 4: Target Information 4
Table 5: Acquirer Information 5
Table 6: Vendor Information 5
1.2 List of Figures
Figure 1: William Partners, Capital Spending by Project with Expected Remaining Time to In-Service Date (US$ MM), 2013–2015 3
Figure 2: William Partners, Location of Tubular Bells Field in the Gulf of Mexico, US, 2013 4
Figure 1: William Partners, Capital Spending by Project with Expected Remaining Time to In-Service Date (US$ MM), 2013–2015 3
Figure 2: William Partners, Location of Tubular Bells Field in the Gulf of Mexico, US, 2013 4
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