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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:                                    |    (ISIN: GG00B1GVK032)    |
+-------------------------------------------------+----------------------------+

+------------------------------------------------------------------------------+
|2 Reason for the notification(please tick the appropriate box or boxes):      |
+----------------------------------------------------------------------+-------+
|                                                                      |       |
|An acquisition or disposal of voting rights                           |  Yes  |
+----------------------------------------------------------------------+-------+
|                                                                      |       |
|An acquisition or disposal of qualifying financial instruments which  |       |
|may result in the acquisition of shares already issued to which voting|       |
|rights are attached                                                   |       |
+----------------------------------------------------------------------+-------+
|                                                                      |       |
|An acquisition or disposal of instruments with similar economic effect|       |
|to qualifying financial instruments                                   |       |
+----------------------------------------------------------------------+-------+
|                                                                      |       |
|An event changing the breakdown of voting rights                      |       |
+----------------------------------------------------------------------+-------+
|                                                                      |       |
|Other (please specify):                                               |       |
+----------------------------------------------------------------------+-------+

+--------------------------------+---------------------------------------------+
|3. Full name of person(s)       |                                             |
|subject to the notification     |                CQS (UK) LLP                 |
|obligation:                     |                                             |
|                                |                                             |
+--------------------------------+---------------------------------------------+
|4. Full name of shareholder(s)  |CQS CONVERTIBLE AND QUANTITATIVE STRATEGIES  |
|(if different from 3.):         |MASTER FUND LIMITED, CQS DIRECTIONAL         |
|                                |OPPORTUNITIES MASTER FUND LIMITED, CQS       |
|                                |CAPITAL STRUCTURE ARBITRAGE MASTER FUND      |
|                                |LIMITED, KIVU INVESTMENT FUND LIMITED, NEW   |
|                                |CITY HIGH YIELD FUND LIMITED                 |
+--------------------------------+---------------------------------------------+
|5. Date of the transaction and  |                                             |
|date on which the threshold is  |                 19-March-10                 |
|crossed or reached:             |                                             |
|                                |                                             |
+--------------------------------+---------------------------------------------+
|6. Date on which issuer         |                                             |
|notified:                       |                 22-March-10                 |
|                                |                                             |
+--------------------------------+---------------------------------------------+
|7. Threshold(s) that is/are     |                                             |
|crossed or reached:             |        10%, 11%, 12%, 13%, 14%, 15%         |
|                                |                                             |
+--------------------------------+---------------------------------------------+

+------------------------------------------------------------------------------+
|8. Notified details:                                                          |
+------------------------------------------------------------------------------+
|A: Voting rights attached to shares viii, ix                                  |
|                                                                              |
+-------------+-------------------+--------------------------------------------+
|Class/type of|Situation previous |Resulting situation after the triggering    |
|shares       |to the triggering  |transaction                                 |
|             |transaction        |                                            |
|if possible  +---------+---------+-------+--------------------+---------------+
|using        |Number   |Number   |Number |Number of voting    |% of  voting   |
|the ISIN CODE|of       |of       |of     |rights              |rights*        |
|             |Shares   |Voting   |shares |                    |               |
|             |         |Rights   +-------+--------+-----------+------+--------+
|             |         |         |Direct |Directxi|Indirectxii|Direct|Indirect|
+-------------+---------+---------+-------+--------+-----------+------+--------+
|Ordinary     |         |         |       |        |           |      |        |
|Share        |         |         |       |        |           |      |        |
|GG00B1GVK032 |8,693,527|8,693,527|       |        |8,693,527  |      |8.926%  |
|             |         |         |       |        |           |      |        |
|             |         |         |       |        |           |      |        |
|             |         |         |       |        |           |      |        |
+-------------+---------+---------+-------+--------+-----------+------+--------+

+------------------------------------------------------------------------------+
|B: Qualifying Financial Instruments                                           |
+------------------------------------------------------------------------------+
|Resulting situation after the triggering transaction                          |
|                                                                              |
+----------------------+----------+----------+---------------------+-----------+
|Type of financial     |Expiration|Exercise/ |Number of voting     |% of voting|
|instrument            |datexiii  |Conversion|rights that may be   |rights     |
|                      |          |Periodxiv |acquired if the      |           |
|                      |          |          |instrument is        |           |
|                      |          |          |exercised/ converted.|           |
|                      |          |          |                     |           |
+----------------------+----------+----------+---------------------+-----------+
| Contract for         | n/a      |n/a       |6,000,000            |6.159%     |
|Difference            |          |          |                     |           |
+----------------------+----------+----------+---------------------+-----------+

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

+-------------------------------------------------------+
| Total (A+B+C)                                         |
|                                                       |
+-------------------------+-----------------------------+
| Number of voting rights | Percentage of voting rights |
+-------------------------+-----------------------------+
|  14,693,527             |  15.09%                     |
+-------------------------+-----------------------------+

+------------------------------------------------------------------------------+
|9. Chain of controlled undertakings through which the voting rights and/or the|
|financial instruments are effectively held, if applicable:                    |
+------------------------------------------------------------------------------+
|                                                                              |
|                                                                              |

+-------------------------------------------------------------------------+
| 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:   |  Managing Member, CQS (UK) LLP |
|                               |                                |
+-------------------------------+--------------------------------+
| 14. Contact name:             | Nick Hunt                      |
|                               |                                |
+-------------------------------+--------------------------------+
| 15. Contact telephone number: | 0207 201 6900                  |
|                               |                                |
+-------------------------------+--------------------------------+




[HUG#1396123]