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CQS Rig Finance Fund Ltd (RIG)

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Thursday 13 October, 2011

CQS Rig Finance Fund Ltd

Statement re FPS Ocean






For immediate release: 13th October 2011

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH
AFRICA OR JAPAN


                          CQS Rig Finance Fund Limited
                                (the "Company")

                              Update on FPS Ocean

The  Company  notes  the  announcement  by  Ramunia  Holdings  Berhad on October
11 2011 regarding  the completion of the acquisition of the deep producer vessel
MT  Laurita  for  82.5m USD  in  cash.  The  vessel  forms the major part of the
collateral  for  the  FPS  Ocean  AS  (formerly  DP  Producer  AS)  bonds (ISIN.
NO0010340425).  The Company currently holds a position in the bonds of 20.4m USD
nominal  par  amount,  out  of  a  total  issue  size  of 75m USD. The bonds are
currently marked at a bid price of 5% of par.

It  is understood  that the  sale proceeds  are expected  to be  used to satisfy
amounts owing to the shipyard and meet other costs and expenses, after which the
balance of the proceeds are expected to be remitted to the bond trustee to allow
a distribution to the bond holders in due course.


For further information, please contact:

Richard Johnson
Corporate Finance
Arbuthnot Securities Limited
Telephone 020 7012 2000


Tom Daish
Corporate Secretariat
Kleinwort Benson (Channel Islands) Fund Services Limited
Telephone 01481 727111

All other market data sourced from Bloomberg .

This  announcement is not an offer to sell or a solicitation of any offer to buy
any  securities in the United States or  in any other jurisdiction. Neither this
announcement  nor  any  copy  of  it  may  be taken, transmitted or distributed,
directly  or indirectly, into the United States, Canada, Australia, the Republic
of  Ireland, the Republic  of South Africa  or Japan or  to any national of such
jurisdictions.  Neither this announcement nor any copy hereof may be distributed
in  any other jurisdictions where its distribution  may be restricted by law and
persons  into  whose  possession  this  document  comes should inform themselves
about,  and observe, any such restrictions. Distribution of this announcement in
the  United States, Canada, Australia, the  Republic of Ireland, the Republic of
South  Africa, Japan or any such  other jurisdictions may constitute a violation
of the law of such jurisdictions.






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

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