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CQS Rig Finance Fund Ltd (RIG)

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Tuesday 20 July, 2010

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  June  2010 is   now  available  on   the Company's website and
includes information on the top ten investments and outstanding borrowings:

Following significant declines in May, both equity and credit markets were again
volatile  in June. Markets  continued to sell  off in early  June with lingering
concerns  over levels  of European  sovereign debt  and a  potential slowdown in
China foremost in investors' minds. Many major equity markets staged a mid-month
rally  following the announcement  of a more  flexible exchange rate policy from
China,  but ultimately  ended the  month at  2010 lows on  a combination  of bad
macro-  and micro-economic news.  The oil price  fluctuated throughout the month
but started and ended around the USD75 per barrel level.

The  uncertainty created by the  oil spill from the  Macando well in the Gulf of
Mexico  continued during the month,  as did the fall  in the BP share price. The
current  hope is that the flow  of oil will be stemmed  by the completion of the
first  relief well which is due in August. We believe that a successful plugging
of  the well would  be a positive  trigger for the  oil services sector.  At the
time  of  writing  BP  appeared  to  have  completely stemmed the flow of oil by
fitting  a new  well cap  as part  of a  well integrity  test. It is not certain
whether  the well  will be  kept shut  until the  relief wells  are completed or
re-opened to reduce pressure.

As  at the close  of business on  30 June 2010, the estimated  NAV per share was
19.70 pence  against 23.38 pence at the  end of May. This  decline can be mainly
attributed to further falls in the price of the debt issued by Marine Subsea ASA
following  the  issues  explained  in  last  month's factsheet and the impact of
general  market weakness  on Skeie  Drilling and  Production (SKDP) and Remedial

On  a more positive note and following  month-end, there was further evidence of
consolidation  within the offshore sector as  Rowan Companies Inc launched a bid
that could see it ultimately take over SKDP. Please see the NAV RNS announcement
dated 2 July 2010.

For further information, please contact:

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

Alastair Moreton
Director, Corporate Finance
Arbuthnot Securities
020 7012 2000


This announcement is distributed by Thomson Reuters on behalf of 
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(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE