Williams Partners LP (WPZ: NYSE) announced Feb. 6 that Marubeni Corp.has agreed to acquire a 49% interest in Williams Partners’ first Gulfstar FPS™ project.

The agreement is expected to close during the second quarter of 2013. Upon closing of the agreement, Marubeni will contribute approximately $225 million to fund capital expenditures, following with monthly capital contributions representing their 49-percent interest.

Gulfstar FPS is Williams Partners’ proprietary floating production system. The initial Gulfstar FPS, which has been under construction since late 2011, will support multiple agreements Williams Partners has signed with ...