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
March 2011 is now available on the Company's website (www.cqsrigfinance.com) and
includes information on the top ten investments and outstanding borrowings.
March was a volatile month for risky assets as the tragic events in Japan led to
a sharp sell off which was subsequently reversed by the end of the month. The
S&P 500 Index fell just under 6% by mid-month but closed largely unchanged at
1326. The price of Brent Crude followed the same trend but rallied towards the
end of the month to end up around 5% at $118 per barrel. The Company's final NAV
per share closed up 2.9% at 29.50 pence against 28.68 pence at the end of the
Further gains were seen on the Rubicon Offshore position following the bond
restructuring detailed in the Company's February fact sheet. The Company's
position in the Sevan Marine 14% bonds was also marked up following the
announcement of the Initial Public Offering in Sevan Drilling ASA. The book-
building and application period for the Offering will close on 15 April 2011.
There was significant news during the month on two other names in the portfolio.
Statoil ASA exercised its option to extend the contract on the 'Floatel
Superior' accommodation unit. The unit is now employed with Statoil from May
2011 until December 2012 and from May to October 2013. We believe this is very
positive for the Company's holding in the Floatel 13% 2015 bond. In addition
Polarcus Ltd announced that it had been awarded its first 3D multi-client
project. The project is pre-funded and it will employ the vessel Polarcus Nadia
for 70-100 days.
We are pleased to report that at the Annual General Meeting of the Company held
on 7 April 2011 all resolutions were adopted including the amendment and
approval of the Company's Investment Objective and Investing Policy and the
payment of a final dividend of 1 pence per ordinary share to be paid on 11 May
2011 to the holders of such shares on the register of shareholders of the
Company at the close of business on 15 April 2011.
For further information, please contact:
Lynette Le Prevost
Kleinwort Benson (Channel Islands) Fund Services Limited
Director, Corporate Finance
020 7012 2000
All market data sourced from Bloomberg
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Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE