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CQS Rig Finance Fund Ltd (RIG)

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Wednesday 08 December, 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 SHARESi                               |
+------------------------------------------------------------------------------+

+---------------------------------------------+--------------------------------+
|1. Identity of the issuer or the underlying  |                                |
|issuer                                       |    CQS Rig Finance Fund Ltd    |
|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): Increase in share capital                       |     |
+--------------------------------------+---------------------------------+-----+
|3. Full name of person(s) subject to  |                                       |
|the                                   |         Royal Bank of Canada          |
|notification obligation: iii          |                                       |
+--------------------------------------+---------------------------------------+
|4. Full name of shareholder(s)        |       RBC cees Trustees Limited       |
|(if different from 3.):iv             |                                       |
+--------------------------------------+---------------------------------------+
|5. Date of the transaction and date on|                                       |
|which the threshold is crossed or     |            1 December 2010            |
|reached: v                            |                                       |
+--------------------------------------+---------------------------------------+
|6. Date on which issuer notified:     |            8 December 2010            |
+--------------------------------------+---------------------------------------+
|7. Threshold(s) that is/are crossed or|                  7%                   |
|reached: vi, vii                      |                                       |
+--------------------------------------+---------------------------------------+

+------------------------------------------------------------------------------+
|8. Notified details:                                                          |
+------------------------------------------------------------------------------+
|A: Voting rights attached to shares viii, ix                                  |
+-------------+---------------------+------------------------------------------+
|Class/type of|Situation previous   |Resulting situation after the triggering  |
|shares       |to the triggering    |transaction                               |
|             |transaction          |                                          |
|if possible  +---------+-----------+---------+----------------+---------------+
|using        |Number   |Number     |Number   |Number of voting|% of  voting   |
|the ISIN CODE|of       |of         |of shares|rights          |rights x       |
|             |  ares   |Vo ing     +---------+------+---------+------+--------+
|             |         |Rights     |Direct   |Direct|Indirect |Direct|Indirect|
|             |         |           |         |xi    |xii      |      |        |
+-------------+---------+-----------+---------+------+---------+------+--------+
|Ord npv      |         |           |         |      |         |      |        |
|             |4,081,141|4,081,141  |         |      |6,820,950|      |7%      |
|ISIN         |         |           |         |      |         |      |        |
|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  |rights that may  |rights       |
|instrument     |          |xiv                |be               |             |
|               |          |                   |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 xvii |Conversion|rights instrument|rights xix, xx|
|instrument    |        |          |period    |refers to        |              |
|              |        |          |xviii     |                 |              |
+--------------+--------+----------+----------+-----------------+-------+------+
|              |        |          |          |                 |Nominal|Delta |
|              |        |          |          |                 +-------+------+
|              |        |          |          |                 |       |      |
+--------------+--------+----------+----------+-----------------+-------+------+

+------------------------------------------------------------------------------+
|Total (A+B+C)                                                                 |
+------------------------------------+-----------------------------------------+
|Number of voting rights             |Percentage of voting rights              |
+------------------------------------+-----------------------------------------+
|6,820,950                           |7%                                       |
+------------------------------------+-----------------------------------------+

+------------------------------------------------------------------------------+
|9. Chain of controlled undertakings through which the voting rights and/or the|
|financial instruments are effectively held, if applicable: xxi                |
+------------------------------------------------------------------------------+
|RBC cees Trustees Limited is a wholly owned indirect subsidiary of Royal Bank |
|of Canada.                                                                    |
|                                                                              |
+------------------------------------------------------------------------------+

+------------------------------------------------------------------------------+
|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:                                  |                             |
+------------------------------------------------+-----------------------------+

+-----------------------------+------------------------------------------------+
|                             |This announcement relates to the TR-1 form      |
|13. Additional information:  |submitted by CQS (UK) LLP dated 2 December. The |
|                             |beneficial ownership of the shares remains the  |
|                             |same.                                           |
+-----------------------------+------------------------------------------------+
|14. Contact name:            |Scott Roberts                                   |
+-----------------------------+------------------------------------------------+
|15. Contact telephone number:|(01534) 602971                                  |
+-----------------------------+------------------------------------------------+








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Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE

[HUG#1470461]