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CQS Rig Finance Fund Ltd (RIG)

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Thursday 14 April, 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
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
prior month.

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
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 
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(i) the releases contained herein are protected by copyright and 
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     originality of the information contained therein. 
    
Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE

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