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CQS Rig Finance Fund Ltd (RIG)

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Monday 20 September, 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 SHARES(i)                             |
+---------------------------------------------+--------------------------------+
                                              |
+---------------------------------------------+--------------------------------+
|1. Identity of the issuer or the underlying  |                                |
|issuer                                       |    CQS Rig Finance Fund Limited|
|of existing shares to which voting rights are|                                |
|attached:(ii)                                |                                |
+---------------------------------------------+--------------------------------+
|2 Reason for the notification (please tick the appropriate box or boxes):     |
+---------------------------------------------------------------------+--------+
|An acquisition or disposal of voting rights                          |   X    |
+---------------------------------------------------------------------+--------+
|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  |    Ironsides Partners Opportunity Fund|
|the                                   |                                   L.P.|
|notification obligation:(iii)         |                                       |
+--------------------------------------+---------------------------------------+
|4. Full name of shareholder(s)        |                                       |
| (if different from 3.):(iv)          |                                       |
+--------------------------------------+---------------------------------------+
|5. Date of the transaction and date on|                                       |
|which the threshold is crossed or     |                     September 17, 2010|
|reached:(v)                           |                                       |
+--------------------------------------+---------------------------------------+
|6. Date on which issuer notified:     |                     September 20, 2010|
+--------------------------------------+---------------------------------------+
|7. Threshold(s) that is/are crossed or|      9% of outstanding ordinary shares|
|reached:(vi, vii)                     |                                       |
+-----------------------+--------------++-----+-----------------------+--------+




+----------------------------------------------------------------------------------+
|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 (x)     |
|the ISIN    |  ares   |Vo ing     +------------+---------+--------+------+--------+
|CODE        |         |Rights     |Direct      |Direct   |Indirect|Direct|Indirect|
|            |         |           |            |(xi)     |(xii)   |      |        |
+------------+---------+-----------+------------+---------+--------+------+--------+
|Ordinary    |         |           |            |         |        |      |        |
|Shares      |         |           |            |         |        |      |        |
|ISIN Code-  |7,848,200|7,848,200  |8,848,200   |8,848,200|        |9.08% |        |
|GG00B1GVK032|         |           |            |         |        |      |        |
+------------+         |           |            |         |        |      |        |
|            |         |           |            |         |        |      |        |
+------------+---------+-----------+------------+---------+--------+------+--------+

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

+----------------------------------------------------------------------------------+
|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      |Conversion   |rights instrument  |rights (xix,  |
|instrument   |        |(xvii)    |period(xviii)|refers to          |xx)           |
|             |        |          |             |                   |              |
+-------------+--------+----------+-------------+-------------------+-------+------+
|             |        |          |             |                   |Nominal|Delta |
|             |        |          |             |                   +-------+------+
|             |        |          |             |                   |       |      |
+-------------+--------+----------+-------------+-------------------+-------+------+

+----------------------------------------------------------------------------------+
|Total (A+B+C)                                                                     |
+-----------------------------------+----------------------------------------------+
|Number of voting rights            |Percentage of voting rights                   |
+-----------------------------------+----------------------------------------------+
|8,848,200                          |9.08%                                         |
+------------+++-------+--+-------+++-----------++--------+--------+++----+-+------+




+--------------------------------------------------------------------------+
|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:                    |                        |
+-------------------------------------------------+------------------------+
|11. Number of voting rights proxy holder will    |                        |
|cease                                            |                        |
|to hold:                                         |                        |
+-------------------------------------------------+------------------------+
|12. Date on which proxy holder will cease to hold|                        |
|voting rights:                                   |                        |
+-------------------------------------------------+------------------------+

+-----------------------------+--------------------------------------------+
|                             |                                            |
|13. Additional information:  |                                            |
+-----------------------------+--------------------------------------------+
|14. Contact name:            |                            Gustavo Resendiz|
+-----------------------------+--------------------------------------------+
|15. Contact telephone number:|                              (617) 449-3136|
+-----------------------------+-------------------+------------------------+




[HUG#1445513]








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Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE