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CQS Rig Finance Fund Ltd (RIG)

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Wednesday 20 October, 2010

CQS Rig Finance Fund Ltd

Statement re Signing of Secured Facility






For immediate release: 20th October 2010

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH
AFRICA OR JAPAN



                          CQS Rig Finance Fund Limited
                                (the "Company")

                          Signing of Secured Facility


Further  to the announcement  of 13th October 2010, the  Company today announces
that  it has now  executed the formal  documentation ("Extension Agreement") for
the  extension to  its secured  facility with  Credit Suisse Securities (Europe)
Limited ("CS").

The  Extension Agreement with CS was signed on 19th October 2010 and extends the
maturity  of the secured facility  to 31st March 2011.  As previously announced,
loans  made under the  Extension Agreement will  continue to attract interest at
the  relevant LIBOR rate for each currency  amount (except for NOK where a NIBOR
rate applies) plus 2 per cent.  The Extension Agreement has no other arrangement
or  termination fees associated with it and  all other material terms remain the
same.

The  USD 2,800,000 secured facility fee, which  was due on the original maturity
date  of the Secured  Facility on 21st October  2010, has been incorporated into
the  loan balances.  Loan balances, net of offsetting cash balances, are limited
to USD 20,000,000 equivalent under the Extension Agreement.

For further information, please contact:

Hugh Field
Director, Corporate Finance
Arbuthnot Securities Limited
Telephone 020 7012 2000

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

This  announcement is not an offer to sell or a solicitation of any offer to buy
any  securities in the United States or  in any other jurisdiction. Neither this
announcement  nor  any  copy  of  it  may  be taken, transmitted or distributed,
directly  or indirectly, into the United States, Canada, Australia, the Republic
of  Ireland, the Republic  of South Africa  or Japan or  to any national of such
jurisdictions.  Neither this announcement nor any copy hereof may be distributed
in  any other jurisdictions where its distribution  may be restricted by law and
persons  into  whose  possession  this  document  comes should inform themselves
about,  and observe, any such restrictions. Distribution of this announcement in
the  United States, Canada, Australia, the  Republic of Ireland, the Republic of
South  Africa, Japan or any such  other jurisdictions may constitute a violation
of the law of such jurisdictions.


[HUG#1453228]








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Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE