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CQS Rig Finance Fund Ltd (RIG)

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Monday 22 March, 2010

CQS Rig Finance Fund Ltd

Holding(s) in Company








  For filings with the FSA include the annex

  For filings with issuer exclude the annex



+------------------------------------------------+
| TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES |
+------------------------------------------------+

+-------------------------------------------------+----------------------------+
|1. Identity of the issuer or the underlying      |                            |
|issuer of existing shares to which voting rights |CQS Rig Finance Fund Limited|
|are attached:                                    |                            |
+-------------------------------------------------+----------------------------+

+------------------------------------------------------------------------------+
|2 Reason for the notification (please tick the appropriate box or boxes):     |
+--------------------------------------------------------------------------+---+
|                                                                          |   |
|An acquisition or disposal of voting rights                               |Yes|
+--------------------------------------------------------------------------+---+
|                                                                          |No |
|An acquisition or disposal of qualifying financial instruments which may  |   |
|result in the acquisition of shares already issued to which voting rights |   |
|are attached                                                              |   |
+--------------------------------------------------------------------------+---+
|                                                                          |No |
|An acquisition or disposal of instruments with similar economic effect to |   |
|qualifying financial instruments                                          |   |
+--------------------------------------------------------------------------+---+
|                                                                          |No |
|An event changing the breakdown of voting rights                          |   |
+--------------------------------------------------------------------------+---+
|                                                                          |   |
|Other (please specify):                                                   |No |
+--------------------------------------------------------------------------+---+

+------------------------------------------------------+-----------------------+
|3. Full name of person(s) subject to the notification |                       |
|obligation:                                           |   Midas Capital Plc   |
|                                                      |                       |
+------------------------------------------------------+-----------------------+
|4. Full name of shareholder(s) (if different from 3.):|  See section 9 below  |
|                                                      |                       |
+------------------------------------------------------+-----------------------+
|5. Date of the transaction and date on which the      |                       |
|threshold is crossed or reached:                      |      08.03.2010       |
|                                                      |                       |
+------------------------------------------------------+-----------------------+
|6. Date on which issuer notified:                     |                       |
|                                                      |      12.03.2010       |
+------------------------------------------------------+-----------------------+
|7. Threshold(s) that is/are crossed or reached:       |                       |
|                                                      |Was 12.40% , Now 11.88%|
+------------------------------------------------------+-----------------------+

+-------------------------------------------------------------------------------+
|8. Notified details:                                                           |
+-------------------------------------------------------------------------------+
|A: Voting rights attached to shares viii, ix                                   |
|                                                                               |
+------------+---------------------+--------------------------------------------+
|Class/type  |Situation previous   |Resulting situation after the triggering    |
|of          |to the triggering    |transaction                                 |
|shares      |transaction          |                                            |
|            +----------+----------+----------+-----------------+---------------+
|if possible |Number    |Number    |Number    |Number of voting |% of  voting   |
|using       |of        |of        |of shares |rights           |rights         |
|the ISIN    |Shares    |Voting    +----------+------+----------+------+--------+
|CODE        |          |Rights    |Direct    |Direct|Indirect  |Direct|Indirect|
+------------+----------+----------+----------+------+----------+------+--------+
|Ordinary    |          |          |          |      |          |      |        |
|Share       |          |          |          |n/a   |          |n/a   |        |
|GG00B1GVK032|12,074,670|12,074,670|11,574,670|      |11,574,670|      |11.88%  |
|            |          |          |          |      |          |      |        |
|            |          |          |          |      |          |      |        |
|            |          |          |          |      |          |      |        |
+------------+----------+----------+----------+------+----------+------+--------+

+-------------------------------------------------------------------------+
|B: Qualifying Financial Instruments                                      |
+-------------------------------------------------------------------------+
|Resulting situation after the triggering transaction                     |
|                                                                         |
+-----------------+----------+----------+---------------------+-----------+
|Type of financial|Expiration|Exercise/ |Number of voting     |% of voting|
|instrument       |date      |Conversion|rights that may be   |rights     |
|                 |          |Period    |acquired if the      |           |
|                 |          |          |instrument is        |           |
|                 |          |          |exercised/ converted.|           |
|                 |          |          |                     |           |
+-----------------+----------+----------+---------------------+-----------+
| N/A             | n/a      |n/a       |n/a                  |n/a        |
+-----------------+----------+----------+---------------------+-----------+

+------------------------------------------------------------------------------+
|C: Financial Instruments with similar economic effect to Qualifying Financial |
|Instruments xv, xvi                                                           |
+------------------------------------------------------------------------------+
|Resulting situation after the triggering transaction                          |
|                                                                              |
+--------------+---------+-----------+----------+-------------+----------------+
|Type of       |Exercise |Expiration |Exercise/ |Number of    |% of voting     |
|financial     |price    |date       |Conversion|voting       |rights          |
|instrument    |         |           |period    |rights       |                |
|              |         |           |          |instrument   |                |
|              |         |           |          |refers to    |                |
+--------------+---------+-----------+----------+-------------+-------+--------+
|              |         |           |          |             |Nominal| Delta  |
|              |         |           |          |             |       |        |
|              |         |           |          |             +-------+--------+
|N/A           |         |           |          |             |       |        |
+--------------+---------+-----------+----------+-------------+-------+--------+

+-------------------------------------------------------+
| Total (A+B+C)                                         |
|                                                       |
+-------------------------+-----------------------------+
| Number of voting rights | Percentage of voting rights |
+-------------------------+-----------------------------+
|   11,574,670            |   11.88                     |
+-------------------------+-----------------------------+

+------------------------------------------------------------------------------+
|9. Chain of controlled undertakings through which the voting rights and/or the|
|financial instruments are effectively held, if applicable:                    |
+------------------------------------------------------------------------------+
|CF Midas Growth Fund                  Bank of New York Nominees Ltd a/c       |
|392512    4,404,170                                                           |
+------------------------------------------------------------------------------+
|CF Midas Growth Income Fund     Bank of New York Nominees Ltd a/c             |
|392513    3,100,000                                                           |
+------------------------------------------------------------------------------+
|Midas Income & Growth Trust       State Street Nominees Ltd a/c               |
|XCE3                1,429,280                                                 |
+------------------------------------------------------------------------------+
|Segregated Account                      Bank of New York Nominees Ltd a/c     |
|156547       418,920                                                          |
+------------------------------------------------------------------------------+
|Core Diversified Fund                    Barfield Nominees Ltd a/c            |
|23381                      2,222,300                                          |
+------------------------------------------------------------------------------+

+-------------------------------------------------------------------------+
| Proxy Voting:                                                           |
|                                                                         |
+------------------------------------------------------------------+------+
| 10. Name of the proxy holder:                                    |  n/a |
|                                                                  |      |
+------------------------------------------------------------------+------+
| 11. Number of voting rights proxy holder will cease to hold:     |  n/a |
|                                                                  |      |
+------------------------------------------------------------------+------+
| 12. Date on which proxy holder will cease to hold voting rights: |  n/a |
|                                                                  |      |
+------------------------------------------------------------------+------+

+-----------------------------+------------------------------------------------+
|13. Additional information:  |Midas Capital Partners Ltd and Miton Asset      |
|                             |Management Ltd are both subsidiaries of Midas   |
|                             |Capital Plc                                     |
+-----------------------------+------------------------------------------------+
|14. Contact name:            |John Bradley                                    |
|                             |                                                |
+-----------------------------+------------------------------------------------+
|15. Contact telephone number:|0151 906 2462                                   |
|                             |                                                |
+-----------------------------+------------------------------------------------+




[HUG#1396053]