Information  X 
Enter a valid email address

CQS Rig Finance Fund Ltd (RIG)

  Print      Mail a friend

Wednesday 16 February, 2011

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
January  2011 is now available on  the Company's website (
and includes information on the top ten investments and outstanding borrowings.

Credit  and  equity  markets  moved  higher  in  January  continuing  the strong
performance seen in 2010 and leading the S&P 500 Index to a further 2% rise over
the  month. The price of  WTI crude was volatile  due to concerns over unrest in
the  Middle East, but started  and ended the month  around the same level of $92
per  barrel. The  Company's final  NAV per  share closed up 0.46% at 28.38 pence
against  28.25 pence at the end of the prior month. In the portfolio losses were
seen  on the Petromena 10.85% position which were offset by gains on the Rubicon
Offshore  bonds although there was no specific news flow on either of the names.
The  Sevan 2013 bonds were also marked up following the company's recent capital

The  wave of new-build rig orders continued in January with Aker Drilling, Noble
Corp  and  Atwood  Oceanics  among  others  announcing firm orders or Letters of
Intent  during the month. Aker Drilling already  has two UDW vessels on contract
with  Statoil and Det Norske and has ordered two additional drill-ships from the
well  respected Daewoo shipyard in South Korea.  The total project cost for each
vessel  is approximately $600m. In connection  with this announcement a new Aker
Drilling  bond was issued. The  five year NOK1.5bn bond  was issued with a fixed
11% or  a Nibor +700bp interest rate and is  callable from May 2013 at a premium
price  of 104.5. The company subscribed for and  was allocated a small amount of
the new bond at issue.

There  was  positive  news  on  the  Company's  position  in  Remedial Cayman as
bondholders approved the sale of Remedial's second jack-up unit for up to $87.5m
to  Ocean  Discoverer  Pte,  an  indirect  subsidiary  of CIMC Raffles Offshore.
Subject  to completion  and conditions  precedent, the  purchase amount  will be
settled by an initial deposit of $15m with the balance to be paid in six months.

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