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CQS RIG Finance Fund LTD (RIG)

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Monday 18 December, 2006

CQS RIG Finance Fund LTD

Statement re Placing of Ordinary Shares

                          CANADA, JAPAN OR AUSTRALIA                           

                   For release at 08:00 on 18 December 2006                    

                         CQS Rig Finance Fund Limited                          

                                (the 'Company')                                

  Admission to trading on AIM and to the official list of the Channel Islands  
                                Stock Exchange                                 

                          Placing of Ordinary Shares                           

                              First Day Dealings                               

The Ordinary Shares in CQS Rig Finance Fund Limited were admitted to trading on
AIM and the Channel Islands Stock Exchange this morning following a Placing of
50 million ordinary shares in the Company at £1.00 per share, undertaken by
Arbuthnot Securities Limited on behalf of the Company.

The Company will invest in a portfolio of secured debt instruments issued to
finance the construction, modification and/or refurbishment of rigs and other
infrastructure and/or equipment used for the offshore exploration and
production of oil and natural gas.

Key Information:

  * CQS Rig Finance Fund Limited is a newly-established closed-ended investment
    company registered and incorporated in Guernsey. The Company does not have
    a fixed life. Shareholders will have the opportunity to review the future
    of the Company after an initial period of seven years following Admission.
The Company's capital consists of a single class of ordinary shares.

  * The Company's board of directors is led by Michael Salter, the
    non-executive Chairman. He is Chief Operating Officer of Abbot Group plc, a
    holding company with subsidiaries specifically involved in drilling, rig
    design, building and operation. The other directors are Bruce Appelbaum,
    Gavin Strachan, Trevor Ash and Jonathan Gamble.
  * CQS Cayman Limited Partnership has been appointed investment manager and
    will be responsible for advising the Company on the overall management of
    the Company's investments and for managing the Company's cash and
    investments in fixed income instruments in accordance with the Company's
    investment objective and policy (subject to the overall control and
    supervision of the Board). CQS Cayman Limited Partnership is a limited
    partnership registered in the Cayman Islands. As at 31 October 2006 it had
    approximately US$4.6 billion in funds under management.
  * The investment manager has retained CQS (UK) LLP as investment adviser with
    responsibility for discretionary management of the investment portfolio.
    The investment adviser is a limited liability partnership incorporated in
    England and Wales which, as at 31 October 2006, had approximately US$4.1
    billion of assets under management.
  * Arbuthnot Securities Limited is acting as nominated adviser and broker to
    the Company.
  * The issue
Issue price £1.00

Number of Ordinary Shares in issue following the issue 50,000,000

Gross proceeds of the issue £ 50 million

Net proceeds of the issue to be received by the Company £ 48.7 million

Commenting on the Placing Michael Salter, non-executive Chairman of CQS Rig
Finance Fund said, "We are delighted to announce a successful listing and are
pleased with the attention that the Company has attracted from major UK
investors, particularly given the current busy climate of the market . We look
forward to welcoming shareholders in the Company ."

For further information please contact:

Arbuthnot Securities Limited 020 7012 2000

Alastair Moreton - Director, Corporate Finance

Maitland 020 7379 5151

Emma Burdett

For further information on CQS, please contact:

Merlin 020 7653 6620

Michael Rummel

Arbuthnot Securities Limited, which is authorised and regulated by the
Financial Services Authority, is acting for the Company only and will not be
responsible to any other person for providing the protections afforded to
customers of Arbuthnot Securities Limited or for advising such person on the
matters referred to in this announcement.

This announcement is not an offer to sell or a solicitation of any offer to buy
the securities of CQS Rig Finance Fund Limited (such securities, the
'Securities') in the United States, Canada, Japan or Australia.

The ordinary shares in the Company have not been and will not be registered
under the US Securities Act of 1933, as amended (the 'Securities Act') and may
not be offered or sold in the United States unless registered under the
Securities Act or an exemption from such registration is available. No public
offering of ordinary shares in the Company is being made in the United States.

This announcement contains forward looking statements, that involve unknown
risk, uncertainties and other factors which may cause the actual results,
financial condition, performance or achievement of CQS Rig Finance Fund
Limited, or industry results to be materially different from any future
results, performance or achievements expressed or implied by such forward
looking statements.

CQS Rig Finance Fund Limited disclaims any obligation to update any such
forward looking statements in this announcement to reflect future events or

Kleinwort Benson (Channel Islands) Fund Services Limited

As Company Secretary