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:
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
Kleinwort Benson (Channel Islands) Fund Services Limited
Director, Corporate Finance
020 7012 2000
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