CQS Rig Finance Fund Limited: 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 July 2009 is now available on the
Company's website and includes information on the top ten investments
and outstanding borrowings:
In July WTI crude oil for September delivery had a volatile month
starting and ending the month around US$70, having traded as low as
US$60 mid-month. In the high yield credit markets, bonds continued to
rally after the pause in June. By way of example, the Merrill Lynch
European High Yield Index reported an 8.3% return for the month. In
the wider markets, risk assets across-the-board moved higher, partly
in response to the Q2 reporting season which is well underway. The
majority of S&P 500 companies have reported and beaten analysts'
estimates, however, market commentators have noted that this is
largely due to cost cutting measures rather than actual top line
In the rig markets, Arctic Securities reported a modest upturn in
orders for companies in the sub-sea services sector, which supports
offshore drilling activity. In the Ultra Deep Water ("UDW") sector,
Petrobras Brasileiro SA awarded Transocean Limited a three-to-five
year commitment for a semi-submersible rig offshore Brazil at a
day-rate of US$490-510,000 again demonstrating the resilience of UDW
In July, the Company's portfolio recorded gains across several
positions. The largest positive impact came from positions in Skeie
Drilling and Production which agreed a financial restructuring plan
during the month with its main stakeholders. As part of the
restructuring, bondholders were awarded equity shares in the company.
Further details of the plan are available on the Company's website.
All market data in this report is sourced from Bloomberg and Pareto.
For further information, please contact:
Lynette Le Prevost
Kleinwort Benson (Channel Islands) Fund Services Limited
Director, Corporate Finance
020 7012 2000
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