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CQS Rig Finance Fund Ltd (RIG)

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Monday 21 December, 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  November 2009 is  now  available on  the Company's website and
includes information on the top ten investments and outstanding borrowings: <>

The  price of  WTI crude  traded in  a tight  range during November starting and
ending  the month around  the $77 per  barrel level.  Equities  also traded in a
fairly  tight range and the  ML Euro High Yield  Index was broadly flat.  In the
latter  part of the month, volatility returned  to markets as the news regarding
the problems in Dubai broke.

The FPSO market continued its revival during November. Five FPSO contract awards
have now been made over the last four months following a year without contracts.
This  does not  directly impact  any of  the Company’s holdings but demonstrates
increased  willingness  amongst  oil  companies  to invest in field developments
again.  Several of the  awards are projects  that have previously been postponed
and that now have been re-tendered.

The  company’s portfolio recorded gains over  the month across various positions
and  there was significant  news flow and  cash receipts from some restructuring
situations. The two most significant events are detailed below.

On  11 November, a Bondholders’  meeting was held  which adopted a restructuring
proposal  in relation to the sale of the Nexus 1 FPSO to Brazil’s EBX Group. The
proposal provided for a 50 cent recovery (versus the mark to market price of 45
as  at 31st October) for the Bondholders which was subsequently received in cash
on  30 November.  The company held a $16.1m position in this investment and thus
realised $8.1m in cash, enabling a reduction in its debt position.

Progress  was made towards  a capital raising  at Marine Subsea  AS. The company
announced  that  it  intends  to  resolve  its  financing  requirement through a
combination  of measures, including new  borrowings totalling USD 222 million to
be  underwritten  by  Eksportfinans  ASA  and  Standard Bank Plc as lenders with
guarantees  from the Norwegian governmental agency  GIEK.  This new financing is
subject  to the finalisation of legal  documentation and a number of ‘conditions
precedent’  to closing. Further information can  be found on the company website

All  market data  is sourced  from Bloomberg  and Pareto. Company information is
sourced from relevant company websites.
For further information, please contact:

Lynette LeProvost
Kleinwort Benson (Channel Islands) Fund Services Limited
01481 727111

Alastair Moreton
Director, Corporate Finance
Arbuthnot Securities
020 7012 2000