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CQS RIG Finance Fund LTD (RIG)

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Friday 29 February, 2008

CQS RIG Finance Fund LTD

Interests in Instruments Issued by Viking Drill...


                         CQS RIG FINANCE FUND LIMITED                          

(a closed-ended investment company incorporated in Guernsey with registration
number 45805)

Information relating to CQS Rig Finance Fund Limited's (the "Company")
interests in instruments issued by Viking Drilling ASA.

As at the close of business 27th February 2008, the Company's interest in
instruments issued by Viking Drilling ASA totals approximately £7.1m (or 7.3p
per ordinary share), approximately £5.7m (5.8p per ordinary share) having 1st
lien security and £1.4m (1.5p per ordinary share) having 2nd lien security.

Based on publicly available information, the Company would like to provide the
following information:

  * In a letter dated 28th February 2008 from the Loan Trustee for the Viking
    Drilling second lien bond issue due 2012 it is their intention to
    distribute substantially all of the funds in the Escrow Account "to the
    Bondholders as soon as possible".
   
  * In a letter dated 26 February 2008 from the Chairman of Viking Drilling ASA
    to its shareholders, it was stated that its Board of Directors "believes
    that the estimated value of the Company's [Viking Drilling ASA] assets,
    exceeds the sums due to vendors, creditors and bond holders and that the
    Company [Viking Drilling ASA] has a positive net asset value."
   
  * Based upon data within Viking Drilling ASA's presentation in respect of the
    placement of the 2nd priority USD 125m bond issue dated December 2007, the
    book value of the tangible assets was estimated to be 1.84 times the
    nominal amount of the 1st lien bond issue as at the end of 2007.
   
The Company continues to believe that it will be able to achieve its target
annualised gross dividend yield of 8% as outlined in the Admission Document.

Enquiries:

Secretary

Kleinwort Benson (Channel Islands) Fund Services Limited

Telephone (01481) 727111

Alastair Moreton

Arbuthnot Securities Limited

Telephone 020 7012 2000

Date: 29th February 2008