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CQS Rig Finance Fund Ltd (RIG)

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Monday 05 July, 2010

CQS Rig Finance Fund Ltd

Notification of Major Interest in Shares







 For filings with the FSA include the
 annex

 For filings with issuer exclude the
 annex


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

+------------------------------------------+-----------------------------------+
|1. Identity of the issuer or the          |                                   |
|underlying issuer                         |CQS Rig Finance Fund Limited (ISIN:|
|of existing shares to which voting rights |GG00B1GVK032)                      |
|are                                       |                                   |
|attached: ii                              |                                   |
+------------------------------------------+-----------------------------------+
|2 Reason for the notification (please tick the appropriate box or boxes):     |
+------------------------------------------------------+-----------------------+
|An acquisition or disposal of voting rights           |           √           |
+------------------------------------------------------+-----------------------+
|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                             |CQS (UK) LLP                              |
|notification obligation: iii       |                                          |
+-----------------------------------+------------------------------------------+
|                                   |CQS CONVERTIBLE AND QUANTITATIVE          |
|                                   |STRATEGIES MASTER FUND LIMITED, CQS       |
|4. Full name of shareholder(s)     |DIRECTIONAL OPPORTUNITIES MASTER FUND     |
|(if different from 3.):iv          |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                                 |1 JULY 2010                               |
|which the threshold is crossed or  |                                          |
|reached: v                         |                                          |
+-----------------------------------+------------------------------------------+
|6. Date on which issuer notified:  |5 JULY 2010                               |
+-----------------------------------+------------------------------------------+
|7. Threshold(s) that is/are crossed|                                          |
|or                                 |16%                                       |
|reached: vi, vii                   |                                          |
+-----------------------------------+------------------------------------------+

+------------------------------------------------------------------------------+
|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 shares|rights          |rights x       |
|             |  ares   |Vo ing     +---------+------+---------+------+--------+
|             |         |Rights     |Direct   |Direct|Indirect |Direct|Indirect|
|             |         |           |         |xi    |xii      |      |        |
+-------------+---------+-----------+---------+------+---------+------+--------+
|             |         |           |         |      |         |      |        |
|ISIN:        |         |           |         |      |         |      |        |
|GG00B1GVK032 |8,693,527|8,693,527  |         |      |8,693,527|      |8.92%   |
|             |         |           |         |      |         |      |        |
|             |         |           |         |      |         |      |        |
+-------------+---------+-----------+---------+------+---------+------+--------+

+------------------------------------------------------------------------------+
|B: Qualifying Financial Instruments                                           |
+------------------------------------------------------------------------------+
|Resulting situation after the triggering transaction                          |
+---------------+----------+-------------------+-----------------+-------------+
|Type of        |Expiration|Exercise/          |Number of voting |% of voting  |
|financial      |date xiii |Conversion Period  |rights that may  |rights       |
|instrument     |          |xiv                |be               |             |
|               |          |                   |acquired if the  |             |
|               |          |                   |instrument is    |             |
|               |          |                   |exercised/       |             |
|               |          |                   |converted.       |             |
+---------------+----------+-------------------+-----------------+-------------+
|Contract for   |N/A       |N/A                |7,250,000        |7.44%        |
|Difference     |          |                   |                 |             |
+---------------+----------+-------------------+-----------------+-------------+

+------------------------------------------------------------------------------+
|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 voting |% of voting   |
|financial     |price   |date xvii |Conversion|rights instrument|rights xix, xx|
|instrument    |        |          |period    |refers to        |              |
|              |        |          |xviii     |                 |              |
+--------------+--------+----------+----------+-----------------+-------+------+
|              |        |          |          |                 |Nominal|Delta |
|              |        |          |          |                 +-------+------+
|              |        |          |          |                 |       |      |
+--------------+--------+----------+----------+-----------------+-------+------+

+------------------------------------------------------------------------------+
|Total (A+B+C)                                                                 |
+------------------------------------+-----------------------------------------+
|Number of voting rights             |Percentage of voting rights              |
+------------------------------------+-----------------------------------------+
|15,943,527                          |16.37%                                   |
+------------------------------------+-----------------------------------------+

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

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

+-----------------------------+--------------------------------------------+
|                             |                                            |
|13. Additional information:  |Compliance Officer, CQS (UK) LLP            |
+-----------------------------+--------------------------------------------+
|14. Contact name:            |Kathryn Louise Haswell                      |
+-----------------------------+--------------------------------------------+
|15. Contact telephone number:|0207 201 6900                               |
+-----------------------------+--------------------------------------------+



[HUG#1429579]








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Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE