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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  |                                       |
|the                                   |                 Ironsides Partners LLC|
|notification obligation:(iii)         |                                       |
+--------------------------------------+---------------------------------------+
|                                      |    Ironsides Partners Opportunity Fund|
|4. Full name of shareholder(s)        |                                   L.P.|
| (if different from 3.):(iv)          |Ironsides Partners Opportunity Offshore|
|                                      |                       Master Fund L.P.|
+--------------------------------------+---------------------------------------+
|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|     11% 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-  |         |9,098,200  |            |      |10,773,200|      |11.06%  |
|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                  |
+-----------------------------------+---------------------------------------------+
|10,773,200                         |11.06%                                       |
+------------+++-------+--+-------+++-----------++-----+----------+++----+-+------+




+------------------------------------------------------------------------------+
|9. Chain of controlled undertakings through which the voting rights and/or the|
|financial instruments are effectively held, if applicable:(xxi)               |
+------------------------------------------------------------------------------+
|Ironsides Partners LLC is the investment manager of the above referenced      |
|shareholders.                                                                 |
|                                                                              |
+------------------------------------------------------------------------------+

+------------------------------------------------------------------------------+
|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#1445514]








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Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE