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CQS Rig Finance Fund Ltd (RIG)

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Thursday 06 January, 2011

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 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  |  Ironsides Partners Opportunity Master|
|the                                   |                              Fund L.P.|
|notification obligation: iii          |                                       |
+--------------------------------------+---------------------------------------+
|4. Full name of shareholder(s)        |                                       |
|(if different from 3.):iv             |                                       |
+--------------------------------------+---------------------------------------+
|5. Date of the transaction and date on|                                       |
|which the threshold is crossed or     |        1 January 2011 - 5 January 2011|
|reached: v                            |                                       |
+--------------------------------------+---------------------------------------+
|6. Date on which issuer notified:     |                         5 January 2011|
+--------------------------------------+---------------------------------------+
|7. Threshold(s) that is/are crossed or|      4% 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 xi|Indirect|Direct|Indirect|
|           |         |           |         |         |xii     |      |        |
+-----------+---------+-----------+---------+---------+--------+------+--------+
|Ordinary   |0        |0          |4,650,000|4,650,000|0       |4.77% |        |
|shares     |         |           |         |         |        |      |        |
+-----------+---------+-----------+---------+---------+--------+------+--------+

+------------------------------------------------------------------------------+
|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 be |rights       |
|instrument   |          |xiv                |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                |
+----------------------------------+-------------------------------------------+
|4,650,000                         |4.77%                                      |
+----------------------------------+-------------------------------------------+

+--------------------------------------------------------------------------+
|9. Chain of controlled undertakings through which the voting rights and/or|
|the                                                                       |
|financial instruments are effectively held, if applicable: xxi            |
+--------------------------------------------------------------------------+
|                                                                          |
|                                                                          |
+--------------------------------------------------------------------------+

+--------------------------------------------------------------------------+
|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|
+-----------------------------+--------------------------------------------+







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(i) the releases contained herein are protected by copyright and 
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(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

[HUG#1477610]