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CQS Rig Finance Fund Ltd (RIG)

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Thursday 16 December, 2010

CQS Rig Finance Fund Ltd

Monthly Shareholder Fact Sheet

                          CQS RIG FINANCE FUND LIMITED
                         Monthly Shareholder Fact Sheet

CQS  Rig Finance Fund Limited (the  "Company") a closed-ended investment company
incorporated in Guernsey, is pleased to announce that its Monthly Fact Sheet for
November  2010 is now available on the Company's website (
and includes information on the top ten investments and outstanding borrowings.

November  was  a  volatile  month  for  risk  assets. Initial optimism pushed US
equities to year-to-date highs before selling off sharply as the market gave way
to  concerns around European peripheral sovereign  risk and rate hikes in China.
The  S&P 500 Index started and ended the month around the 1180 level and the oil
price  ended the month up $2 at c. $84 per barrel level. The final NAV per share
closed up 1.2% at the end of November 2010 at 27.78 pence against 27.45 pence at
the  end of the prior month.  This was caused by a  number of small gains across
several positions.

It was a relatively quiet month in terms of news-flow on the portfolio but there
were three key items of note.

During  the month the company received cash  payments from the redemption of the
Skeie  Drilling and  Production bonds  by Rowan  Companies Inc. This enabled the
Company  to fully repay  its unsecured loan  facility as reported  in the RNS of
30th November  2010. This left  the Company  in a  net cash positive position at
month end.

Other  positive news was received  as Vantage Drilling Co.  took delivery of the
drillship 'Platinum Explorer' on time and on budget from Daewoo Shipbuilding and
Marine Engineering. The rig is now heading for a five-year contract with ONGC in
India at a day rate of $585,000.

There  was a new bond  issue during the month.  Golden Close Maritime Corp. Ltd.
issued a $460m five year 1st lien bond. The investment pays 11% fixed coupon and
is  callable after two years at a price  of 106. The proceeds from the bond form
the take out financing for the Deepsea Metro I, a Gusto P-10000 sixth generation
ultra  deepwater drillship. The Company was allocated  an amount of this bond at

For further information, please contact:

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

Hugh Field
Director, Corporate Finance
Arbuthnot Securities
020 7012 2000
All market data sourced from Bloomberg.

This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE