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CQS Rig Finance Fund Ltd (RIG)

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Tuesday 21 September, 2010

CQS Rig Finance Fund Ltd

Portfolio update

                         CQS RIG FINANCE FUND LIMITED

(a  closed-ended investment  company incorporated  in Guernsey with registration
number 45805)

Portfolio Update

The  Board of CQS  Rig Finance Fund  Limited (the "Company")  announces that the
Company's  investment in  the Sevan  Drilling 2012 bond  has now  been exited in
full.  The proceeds of the sale, which amounted to approximately £5.3m in total,
will  be  used  to  reduce  the  Company's  indebtedness.   The  disposal has an
immaterial impact on the Company's previously announced NAV.


Kleinwort Benson (Channel Islands) Fund Services Limited
Telephone (01481) 727111

Arbuthnot Securities Limited
Hugh Field
Telephone 020 7012 2000

Date: 21 September 2010


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Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE