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CQS Rig Finance Fund Ltd (RIG)

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Friday 17 July, 2009

CQS Rig Finance Fund Ltd

Monthly Shareholder Fact Sheet

                    CQS RIG FINANCE FUND LIMITED
                       Monthly Shareholder Fact Sheet
CQS  Rig  Finance  Fund   Limited  (the  "Company")  a   closed-ended
investment company incorporated in  Guernsey, is pleased to  announce
that its Monthly  Fact Sheet for  June 2009 is  now available on  the
Company's website:
The investment manager's commentary in the Fact Sheet is as follows:
During June, WTI crude oil for August delivery rose from $67 to  $70,
having hit an intra  month high of $73.5.   In the high yield  credit
markets, bond positions  gave back  some of  the sharp  gains of  the
previous months as markets entered a period of consolidation.  In the
wider markets, risk  assets across  the board paused  from the  sharp
rally of the previous couple of months and ended the month lower.
Further evidence  was seen  of previously  identified trends  in  the
offshore rig market. Jack-up  rig rates continued  to soften but  the
ultra  deep  water  ("UDW")  segment,  although  not  immune  to  the
downturn, is showing more  resilience due perceived future  potential
shortages.  According to  ODS Petrodata, there  are no available  UDW
(+7,500ft) rigs  available in  2009 (however  5 units  offer  sub-let
In June,  the  Company's  portfolio  recorded  gains  across  several
positions, primarily those  directly related to  drilling rigs.  This
was especially  evident in  one  company as  the drilling  rig  under
construction nears completion.
Financing  markets  are  still  exceptionally  difficult  as   banks,
particularly those lending to the  offshore rig industry, attempt  to
repair their own balance  sheets.  However, during  the month one  of
the Company's portfolio holdings was able to raise equity via a share
issue, which led  to an increase  in the valuation  of the  Company's
position in it.

All market data is sourced from Bloomberg

For further information, please contact:

Alastair Moreton
Director, Corporate Finance
Kleinwort Benson (Channel Islands)
Arbuthnot Securities
Fund Services Limited
020 7012 2000                                                                                                            responsible for the content of this announcement.