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
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:
Arbuthnot Securities Limited
Telephone 020 7012 2000
Kleinwort Benson (Channel Islands) Fund Services Limited
Telephone 01481 727111
All other market data sourced from Bloomberg .
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Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE