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CQS Rig Finance Fund Ltd (RIG)

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Monday 24 October, 2011

CQS Rig Finance Fund Ltd

Statement re Update on FPS Ocean






For immediate release: 24th 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 made by Norsk Tillitsmann ASA as Trustee for
the  FPS Ocean  AS (formerly  DP Producer  AS) bonds  (ISIN NO0010340425), dated
21(st) October  2011, stating that the net payment due to bond holders following
the sale of M/S Laurita will be 32 per cent of the outstanding bonds.

The  Trustee has indicated  that payment should  be received by  bond holders on
28(th) October  2011.  The Company  currently holds  a position  in the bonds of
20.4m USD  nominal par  amount marked  at a  bid price  of 5 per cent within the
Estimated Net Asset Value ("NAV") published for close of business 17(th) October
2011.  The  impact upon the  NAV of the  proceeds in comparison  to the price is
approximately 3.54 pence per Share.

The  Trustee  has  also  indicated  that  legal fees funded by the Participating
Bondholders'  group (of  which the  Company was  a member)  in respect of action
taken  to assist in  the above outcome  will be returned  to the Company.  It is
estimated  that the net impact  upon the Company's NAV  from such return will be
USD 620,000 or approximately 0.40 pence per Share.


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

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

[HUG#1557435]