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CQS Rig Finance Fund Ltd (RIG)

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Thursday 20 January, 2011

CQS Rig Finance Fund Ltd

Annual Results






For immediate release on 20 January 2011


                          CQS RIG FINANCE FUND LIMITED
                                (the "Company")

                 ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
                      FOR THE YEAR ENDED 30 SEPTEMBER 2010

Chairman's Statement
Introduction


I  am pleased to present the Company's  annual report for the twelve months from
1 October 2009 to 30 September 2010.

I  am encouraged by the  progress the Company has  achieved in reducing its debt
and  the successful renegotiation  of its financing  facility. The NAV and share
price have shown good progress.

Investment Performance


The  Company's performance for the year  under review was encouraging, supported
in  part by an improving environment. Crude oil markets stabilised significantly
compared  to  the  previous  financial  year,  however, markets in general while
upward trending, remained volatile.

The  Company's NAV increased 156% from 10.81p per ordinary share on 30 September
2009 to  27.64p per ordinary share on  30 September 2010. The price per ordinary
share  advanced from a  closing price of  8.5p on 30 September 2009 to 22.75p on
30 September  2010, representing an  increase of  168%. The ordinary share price
ended  the year at an 18% discount to the NAV. The Company has reduced its level
of  indebtedness  materially  through  active  portfolio management and proceeds
generated from restructurings, asset maturities and selective asset sales. Total
liabilities  fell from  GBP41.6m as  at 30 September  2009 to GBP12.0m as at 30
September 2010, resulting in a 71.4% decrease in the financial year.

Financing


On 4 November 2009, the Company announced it had extended its unsecured facility
agreement  with  RBC  Cees  Trustee  Limited  ("RBC")  under  which $6m was made
available to the Company to increase working capital (the "Unsecured Facility").
The Unsecured Facility was provided by RBC in its capacity as trustee of certain
assets  for the benefit of  Michael Hintze, Chief Executive  of CQS, who holds a
majority  interest in CQS  Cayman LP, the  Company's Investment Manager, and was
extended on the same terms as the original facility.

I  am  pleased  to  note  that,  as  announced  on  12 April  2010, the  Company
successfully  negotiated improvements to the terms of both its secured financing
arrangements  with  Credit  Suisse  Securities  (Europe)  Limited  (the "Secured
Facility")  and its  Unsecured Facility.  The Company  agreed that  from 1 April
2010 the  Secured Facility will attract interest at a rate of the relevant LIBOR
rate  for each currency amount (except for NOK  which has a NIBOR rate) plus two
percent,  reduced from the four percent  spread previously applicable. All other
terms  remain the same. The Company agreed that from 1 April 2010, the Unsecured
Facility will attract interest at the USD LIBOR rate plus three percent, reduced
from the five percent previously applicable. All other terms remain the same.

Outlook


The  Company has received cash  from positions in workout  such as the Petromena
ASA 10.85% and Remedial Cayman Ltd bonds. The Company is thus transitioning to a
portfolio  of performing assets, as cash is received from workout situations and
reinvested into performing companies and new issues.
As  markets  recover  following  the  turbulence  of  the  past  two  years, oil
companies'  capital expenditure plans  are on the  rise, supported by the recent
relative stabilisation of the oil price. Utilisation rates remain solid for high
specification  drilling  equipment  and  the  floating  production,  storage and
offloading (FPSO) and oil services markets have come back to life after the lull
of  2008/9. A clear indication of  this has been some  recent orders for the new
building  of High Specification  Jack up rigs.  Against this backdrop, companies
are  coming to  the high  yield bond  market as  bank financing  continues to be
difficult  to  obtain,  given  the  increased  demands on these institutions for
strengthening of balance sheets and core ratios.

As  such, the current market environment  provides an attractive opportunity set
upon which the Company may grow going forward.

Dividends


No dividends were declared or paid during the year.

Annual General Meeting


Following  the significant changes that have taken  place in the market in which
the Company operates since the failure of Lehman Brothers in September 2008, the
Board  believes  that  the  current  Investing  Policy  of the Company should be
updated   to   reflect   the   current   and  expected  market  environment  and
opportunities.

Details  of the proposed new  Investing Policy will be  set out in the notice of
the  Annual General Meeting which  is to be sent  to shareholders shortly and an
ordinary resolution to consider an update to the Company's Investing Policy will
be presented for approval at the Annual General Meeting.

The  Company's Annual General Meeting  will be held at  the offices of Kleinwort
Benson (Channel Islands) Fund Services Limited on 7 April 2011.
Post Year End


The  Company  announced  on  13 October  2010 that  it  had agreed with RBC Cees
Trustees  Limited ("RBC") that advances made under the Unsecured Facility, would
be  extended until 21 October  2011. The Unsecured Facility  was extended on the
same terms.

The  Company announced  on 20 October  2010 that it  had agreed with its Secured
Lender,  Credit Suisse Securities  (Europe) Limited ("CS")  to extend, until 31
March 2011, its Secured Facility. The USD2,800,000 Secured Facility fee relating
to  the original  18 month Secured  Facility and  that was  due on  the original
maturity  date of the Secured Facility  was paid on 21 October 2010. The Secured
Facility  was extended on  the same financing  terms as applied  at the original
maturity date.  No fees applied to the extension of the Secured Facility.

The  Company announced on 30 November 2010 that  the Unsecured Facility had been
repaid  in full, principal and interest,  amounting to USD6,701,888. The Company
confirmed  that it had agreed  with RBC to exercise  its rights to terminate the
Unsecured  Facility, with  no early  repayment penalty  payable, with effect 26
November 2010.

Since the year end the Company has eliminated all net debts, using cash received
from the Company's investments in debt issued by Skeie Drilling & Production ASA
("SKDP")  following  SKDP's  takeover  by  Rowan  Companies  Inc.   The  Company
continues  to maintain  both borrowings  and deposits,  in various currencies as
part  of its foreign exchange  risk management strategy, under  the terms of its
Prime  Brokerage Agreement  with its  Secured Lender,  CS. On 30 November 2010,
after  repaying the Unsecured Facility,  the Company was in  a net positive cash
position with CS, netting across all currencies, amounting to GBP3.1m.
Investment Manager's Report

Oil Markets


Crude  oil prices stabilised  in the year  under review trading predominantly in
USD  75-85 range but hitting highs of USD 93 in March 2010 and lows of USD 73 in
May   2010. Against   this   backdrop,   and  with  the  improvement  in  demand
fundamentals,  oil companies began to increase their planned capital expenditure
on  Exploration & Production ("E&P").  Industry analysts are forecasting further
increased  E&P spending by the oil majors  and national oil companies of 10% and
by independent companies of 15% in 20111.

The  spill at the Macondo well in the Gulf of Mexico brought worldwide attention
to the offshore drilling sector and is expected to be a catalyst for significant
change,  particularly  in  the  US.  Stricter  regulation and closer scrutiny of
drilling  operations are  expected. The  potential loss  of production resulting
from   stricter  regulation  may  erase  non-Opec  supply  growth  and  lead  to
significant  tightening in the crude oil market. (Barclays Capital Global Energy
Outlook July 2010).

In  its 2010 edition of the Global Energy Outlook, the IEA projected that global
energy  use will  grow by  36%, with non-OECD  countries -  led by  China, where
demand  surges by  75% - accounting  for almost  all of  the increase - over the
period  to  2035. A  resulting  sustained  increase  in  the  oil  price is also
foreseen.

In  this  environment,  average  day  rates  recovered  from  their lows and oil
companies  began to  award drilling  and FPSO  contracts with greater frequency.
Ultra-deepwater  dayrates appear to have stabilized at around USDk 400-450 level
with  the global fleet at close to 100% utilisation levels. The overall midwater
market  has shown utilization levels  of 85% (Platou Markets). Strong discipline
among  the  drillers  Transocean  and  Diamond  who  have stacked idle units has
ensured  healthy day-rates  depending on  the respective  geographical area. The
international  jack-up  market  has  developed  into  a two tier market over the
period   with   E&P  companies  showing  a  clear  preference  for  modern  high
specification units.

After  the challenges of the past two years dominated by the worldwide financial
crisis and the Macondo incident we are now seeing indications of recovery in the
oil   markets.  This  coupled  with  forecast  increased  demand  and  declining
production  capacity should  ensure sustained  investment opportunities  in this
space.

Financing Markets

The  high yield bond market has been  very active over the period with investors
looking  for yield given  the current and  projected outlook for interest rates.
The  Company has taken this  opportunity to make new  investments to broaden and
diversify the overall portfolio.

These  companies  are  raising  finance  to  fund  final  yard payments, capital
expenditure  and the purchase of completed  assets and as such construction risk
is  dramatically reduced  compared with  the financing  of early stage new-build
projects.

The Portfolio


The  portfolio  is  reaching  the  end  of  a transition phase as several of the
workout  and  restructuring  processes  have  been  completed  and  as  a result
positions  have been cashed out. This has allowed significant debt reduction and
since the year end the Company has eliminated all net debts, using cash received
from the Company's investments in debt issued by Skeie Drilling & Production ASA
("SKDP") following SKDP's takeover by Rowan Companies Inc.

As  at  30 September  2010 the  portfolio  was  divided into 3 broad categories.
Analysed  by face value,  drilling rigs are  the largest category accounting for
51.4% of  assets. These rigs  break down into  two main sub  categories, jack up
drilling  rigs and  semisubmersible drilling  rigs. The  majority of the jack up
rigs  are regarded  as "giant  jack-ups" which  are targeted at particular water
depths and demanding environmental conditions, such as the Norwegian Continental
Shelf,  setting them  apart from  the general  jack up  market which  focuses on
shallow depths and is much better supplied and is very competitive.

Production-focused equipment, the majority being Floating Production Storage and
Offloading  (FPSO) vessels, is the second largest category accounting for 19.8%
of  assets.  FPSO  vessels  are  customised  to meet the particular chemical and
physical  characteristics  of  a  target  oil  reservoir  to which they are then
typically contracted for many years. While this customisation takes time and can
be  costly, it  also makes  it difficult  to switch  a vessel  from one field to
another  at  short  notice.  The  current  level  of  oil  prices and associated
softening  in the capital  expenditure plans of  oil companies means that FPSO's
built on a speculative basis are expected to find it harder to get employment in
the near term.

The  remaining 28.8% of  portfolio assets  are invested  in oil  service related
equipment such as well intervention vessels and accommodation units. Subsea well
intervention  entails  improving  oil  recovery  from  wells  that  have been in
production  for some time. Due to the  general decrease in average production of
existing  wells,  an  increasing  demand  for  well intervention services in the
future  is anticipated. In addition,  some of these vessels  may be used for the
growing markets in offshore wind turbine installation.

Exposure by Collateral Type

                                    30 September 2010
 Collateral Type            (% of Total Market Value)

 Barge                                           1.6%

 Construction Vessel                             0.4%

 Elevating Support Vessel                       19.2%

 FPSO                                           19.8%

 Giant Jackup                                   35.2%

 Jackup                                          6.3%

 Light Well Intervention                         6.5%

 Semisubmersible Driller                         9.9%

 Other                                           1.1%



 Total                                         100.0%


Regional Analysis (Shipyard Location)
                              30 September 2010
 Country              (% of Total Market Value)

 China                                    23.7%

 Dubai                                     0.3%

 Indonesia                                 0.4%

 On Location                              29.2%

 Singapore                                36.9%

 USA                                       1.3%

 West Africa/Norway                        8.2%



 Total                                   100.0%





Positions by Category

As  at 30 September 2010, the  Company's portfolio may  be categorised as either
performing,  performing under  the terms  of a  restructure or non-performing as
shown in the table below.
Name                             Issuer                Classifcation Value (£mm)

Skeie Drilling & Prod            Skeie Drilling &
12% 26May17                      Production AS         Performing           6.85

Rubicon Offshore Hol FRN         Rubicon Offshore
500bp 16Apr12                    Holding               Performing           3.05

Sevan Marine Asa FRN
550BP 24OCT12                    Sevan Marine Asa      Performing           1.68

Sevan Marine Asa FRN
300BP 14MAY13                    Sevan Marine Asa      Performing           1.30

Sevan Marine Asa 12% 10AUG15     Sevan Marine Asa      Performing           1.24

DDI Holding AS 9.3% 26APR12      DDI Holding AS        Performing           1.12

Vantage Drilling
11.5% 01Aug15 144A               Vantage Drilling      Performing           0.68

RDS Ultra-Deepwater Lt           Rds Ultra-deepwater
11.875% 15Mar17                  Ltd                   Performing           0.65

DDI Holding AS FRN
475BP 15MAR12 144A               DDI Holding AS        Performing           0.60

Floatel International Ltd
13% 02SEP15                      Floatel Intl          Performing           0.40

Rds Ultra-deepwa                 Rds Ultra-deepwater
11.875% 15MAR17 144A             Ltd                   Performing           0.13

Sea Production FRN
425BP 14MAY12 144a               Sea Production        Performing           0.07

Skeie Drilling & Prod            Skeie Drilling &
11.25% 12Jul2013                 Production AS         Restructured         4.52

Marine Subsea As 9% 16Dec19      Marine Subsea As      Restructured         3.38

                                 Skeie Drilling &
Prodjack As 11.25% 08Mar13       Production AS         Restructured         2.01

                                 Skeie Drilling &
Prodjack As 11.25% 19FEB13       Production AS         Restructured         0.67

Master Marine As                 Master Marine As      Restructured         0.16

Nexus 1 Pte Ltd 10.5% 07MAR12    Nexus 1 Pte Ltd       Restructured         0.00

Remedial Cayman Ltd (OTC)        Remedial Cayman       Restructured         0.00

Remedial Cayman Ltd 10% 28MAR12  Remedial Cayman       In Default           7.28

Petromena As 10.85% 19NOV10      Petromena As          In Default           2.39

Viking Drilling ASA FRN  05OCT11 Viking Drilling Asa   In Default           0.37

FPS Ocean AS FRN
600bp 05Dec11 144                FPS Ocean AS          In Default           0.13

Viking Drilling FRN
750BP 05OCT11 NOK                Viking Drilling Asa   In Default           0.11

Petrorig Iii Pte Ltd FRN
575BP 20FEB14                    Petrorig Iii Pte Ltd  In Default           0.06

MPF FRN 0 09/20/11               MPF Ltd               In Default           0.00

Petroprod Ltd 10.85% 24MAY13     Petroprod Ltd         In Default           0.00

Viking Drilling 15% 20Dec12      Viking Drilling Asa   In Default           0.00

Viking Drilling ASA-CW10 20Dec10 Viking Drilling Asa   In Default           0.00

Mpu Offshore Lift FRN
475BP 15DEC11                    Mpu Offshore Lift     In Default           0.00

Petroprod Ltd FRN 600BP 12JAN12  Petroprod Ltd         In Default           0.00


Outlook

The  challenge  for  the  coming  year  is  to  complete  the  transition into a
diversified   portfolio   of   performing   investments,   taking  advantage  of
opportunities   provided   by   the   requirement   to  finance  energy  related
infrastructure and the persisting relative scarcity of bank financing.
All WTI price data sourced from Bloomberg
All share price data sourced from Bloomberg

¹ Source: International Energy Agency - Oil Market Report 5 November 2010
All share price data sourced from Bloomberg
Statement of Comprehensive Income for the year ended 30 September 2010

                                                30 Sep 2010    30 Sep 2009

                                    Notes               GBP            GBP



Operating profit/(loss)               4          19,673,126   (57,221,852)
                                               ------------- -------------


Operating expenses

Other operating expenses              5           (738,823)      (972,664)

Finance costs                                   (2,543,039)    (2,453,268)
                                               ------------- -------------
Total operating expenses                        (3,281,862)    (3,425,932)


                                               ------------- -------------
Net profit/(loss)                                16,391,264   (60,647,784)


                                               ------------- -------------
Total comprehensive profit/(loss) for the        16,391,264   (60,647,784)
year



Profit/(Loss) per Ordinary Share

Basic and Diluted                     6              16.83p       (62.26p)





There are no recognised gains or losses in the financial period other than those
dealt with in the statement of comprehensive income and accordingly no statement
of total recognised gains and losses has been presented.

All items in the above statement are derived from continuing operations.

All income is attributable to the Ordinary Shareholders of the Company.

Statement of Changes in Equity
For the year ended 30 September 2010

                                  Share      Other Accumulated Losses      Total
                                Capital    Reserve

                              Notes GBP        GBP                GBP        GBP



Balance at 1                            90,982,384
October 2009                          -                  (80,448,048) 10,534,336



Net profit for the
year                                  -          -         16,391,264 16,391,264
                                   ---------------------------------------------
Total recognised income and expense
plus equity brought forward           - 90,982,384       (64,056,784) 26,925,600


                                   ---------------------------------------------
Balance at 30 September 2010          - 90,982,384       (64,056,784) 26,925,600



For the year ended 30 September 2009
                                Share      Other Accumulated Losses        Total
                              Capital    Reserve

                            Notes GBP        GBP                GBP          GBP



Balance at 1                          90,982,384
October 2008                        -                  (19,800,264)   71,182,120



Net loss for the
year                                -          -       (60,647,784) (60,647,784)
                                 -----------------------------------------------
Total recognised income and
expense plus equity brought
forward                             - 90,982,384       (80,448,048)   10,534,336


                                 -----------------------------------------------
Balance at 30 September 2009        - 90,982,384       (80,448,048)   10,534,336



Statement of Financial Position
As at 30 September 2010

                                                      30 Sep 2010    30 Sep 2009

                                             Notes            GBP            GBP

Assets



Non-current assets

Investments at fair value through profit or    7
loss                                                   29,689,306     45,138,395
                                                    -------------- -------------


Current assets

Investments at fair value through profit or    7
loss                                                    9,165,053      6,039,079

Cash and cash equivalents                                       -        975,983

Other assets                                               33,512         14,634
                                                    -------------- -------------
                                                        9,198,565      7,029,696
                                                    -------------- -------------


Total assets                                           38,887,871     52,168,091



Equity and liabilities



Equity

  * Other reserve                                      90,982,384     90,982,384

  * Accumulated profit/(losses)                      (64,056,784)   (80,448,048)
                                                    -------------- -------------
  *                                                    26,925,600     10,534,336
                                                    -------------- -------------
Current liabilities

Interest-bearing borrowings                   10        5,015,056     36,601,096

Short-term borrowings                         10        3,807,588      3,751,524

Payable for securities purchased                          321,047              -

Other liabilities and payables                11        2,818,580      1,281,135
                                                    -------------- -------------
Total liabilities                                      11,962,271     41,633,755
                                                    -------------- -------------


Total equity and liabilities                           38,887,871     52,168,091



Net Asset Value per Share                                  27.64p         10.81p


The accompanying notes (available on the Company's website) form an integral
part of the financial statements.

Statement of Cash Flows
For the year ended 30 September 2010

                                                      30 Sep 2010    30 Sep 2009

                                               Notes          GBP            GBP



Net cash inflow from operating activities       13     33,351,273     63,779,800



Financing activities

Short-term borrowings                                           -      3,728,213

       Interest expense paid                          (2,482,312)    (2,358,130)

(Decrease) in interest-bearing  borrowings           (31,844,944)   (64,271,788)
                                                    -------------- -------------
Cash (outflows) from financing activities            (34,327,256)   (62,901,705)


                                                    -------------- -------------
Net (decrease)/increase in cash                         (975,983)        878,095
                                                    -------------- -------------


Reconciliation of net cash flow to movement in
net cash

Net (decrease)/increase in cash and cash
equivalents                                             (975,983)        878,095

Cash and cash equivalents at 1 October 2009               975,983         97,888
                                                    -------------- -------------
Cash and cash equivalents at 30 September 2010                  -        975,983



The notes (which are made available in Annual Report and Accounts on the
Company's website) form an integral part of the financial statements.





Enquiries

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

Hugh Field
NOMAD and Broker
Arbuthnot Securities Limited
Telephone 020 7012 2000

The  Annual Report  and Accounts  for the  year ended  30 September 2010 will be
posted  to shareholders on  or before Friday  21 January 2011 and, in accordance
with  AIM Rule 26, a copy of the audited Annual Report and Accounts is available
to view and download from the Company's website atwww.cqsrigfinance.com

The   notice  of  the  Company's  Annual  General  Meeting  will  be  posted  to
Shareholders  separately and  will be  held at  the offices  of Kleinwort Benson
(Channel Islands) Fund Services Limited on 7 April 2011.







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

[HUG#1481073]