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