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CQS Rig Finance Fund Ltd (RIG)

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Friday 18 September, 2009

CQS Rig Finance Fund Ltd

Monthly Shareholder Fact Sheet





    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   August 2009 is  now available  on
the Company's  website  and  includes  information  on  the  top  ten
investments and outstanding borrowings:

www.cqsrigfinance.com

During August, the price for WTI  crude oil for October delivery  was
fairly stable at around $70 per barrel.  In the wider markets, equity
levels edged higher  as did high  yield bond prices,  albeit on  thin
volumes due to the holiday season.

In the rig markets, there was good news in the Floating,  Production,
Storage and  Offloading  (FPSO)  unit  sector  and  the  first  lease
contract in a year  was announced. A Letter  of Agreement was  signed
between SBM Offshore N.V. and Noble Energy Inc. for an offshore field
in Equatorial Guinea and is for a period of fifteen years, commencing
in late 2011, with provisions for  further extensions for up to  five
years. According to analysts, more projects are being pursued at  the
moment that will likely lead to further contract awards in H209/H110.

In the  drilling sector,  Transocean  Ltd. announced  a new  455  day
contract with Noble  Energy for  their deepwater  semi-sub Rig  Sedco
Express. The day  rate is strong  at US$530,000 per  day however  the
duration is relatively short. On a less positive note it was reported
by ODS Petrodata that Petrobras has cancelled its proposed charter of
new-build deepwater rig Deepsea Stavanger, meaning that this rig will
be available for work from mid 2010.

Several portfolio positions recorded gains  in the month. These  were
generated across the Drilling, FPSO and Services sectors as sentiment
continued to improve. The largest gain was seen from the position  in
Rubicon  Offshore  International  Holdings  Ltd.  after  one  of  the
company's FPSOs successfully reconnected to its oil field following a
period of disconnection due to adverse weather conditions.

All market data in this report is sourced from Bloomberg and Pareto.

For further information, please contact:

Lynette Le Prevost
Secretary
Kleinwort Benson (Channel Islands) Fund Services Limited
01481 727111

Alastair Moreton
Director, Corporate Finance
Arbuthnot Securities
020 7012 2000

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