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CQS Rig Finance Fund Ltd (RIG)

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Tuesday 24 November, 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  October 2009 is  now available  on
the Company's  website  and  includes  information  on  the  top  ten
investments and outstanding borrowings:

www.cqsrigfinance.com

During October, the  price of  WTI crude continued  its upward  trend
trading between US$71  and US$81 and  ending the month  at US$77  per
barrel.  Equity  levels were  range-bound during  the month  with  an
initial rally tailing off as the earnings season got into full  swing
and as  November approached.   The high  yield bond  market was  less
volatile than in previous  months with the ML  Euro High Yield  Index
returning c.2%.

In the FPSO sector, EOC Limited announced that it has been awarded  a
contract at Premier Oil's Chim  Sao project in Vietnam. The  contract
has a firm period of 6 years and options of up to 6 years. The  value
of the firm period is  approximately US$527 million, equivalent to  a
day rate of c.US$240,000.  This contract is  the third FPSO  contract
awarded in 2009 and it is  encouraging to see long term contracts  at
firm day-rates such as these being awarded.

The Company's portfolio recorded  gains over the  month related to  a
number of its positions.

Master Marine ASA finalized its restructuring plan. The Company  held
a position  of EUR2million  in  the bonds.  The  plan resulted  in  a
recovery to  bondholders  of  approximately  67%,  of  which  58%  is
scheduled to be received in cash  in three instalments prior to  year
end 2009.  The remaining 9% is in the form of equity shares in Master
Marine ASA.  More details of the company refinancing can be found  on
the website www.master-marine.no.

Mark-to-market gains  on the  month were  recorded once  more on  the
position in Nexus  Floating Production  Ltd as  further progress  was
reported to have been made towards the sale of the vessel.

Gains were also recorded in the three bonds issued by Skeie  Drilling
& Production  ASA.  After  the recent  financial  restructuring,  the
market has become more optimistic about the prospects for the 3 giant
jack-up rigs being built in Singapore.

All market  data  is  sourced  from  Bloomberg  and  Pareto.  Company
information is sourced from relevant company websites.

For further information, please contact:
Lynette LeProvost
Secretary
Kleinwort Benson (Channel Islands) Fund Services Limited
01481 727111

Alastair Moreton
Director, Corporate Finance
Arbuthnot Securities
020 7012 2000

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