Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

CQS Rig Finance Fund Limited (RIG)

  Print      Mail a friend

Tuesday 21 February, 2012

CQS Rig Finance Fund Limited

Statement re Monthly Shareholder Fact Sheet

Statement re Monthly Shareholder Fact Sheet

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 January 2012 is now available on the Company's website ( and includes further information on the top ten investments and outstanding borrowings.

Risky assets started the New Year as they had ended the old one, on a very firm footing. The rally that had started in mid-December continued and intensified throughout the month as the market digested the implications of the European Central Bank Long Term Refinancing Operation (LTRO) and hoped for a debt restructuring agreement between Greece and private bondholders. The announcement by US Federal Reserve officials that they expect to keep interest rates low through to the end of 2014 fuelled the rally towards the end of the month. The S&P 500 Index and the Merrill Lynch High Yield Index (ex financial) closed up 4.4% and 5.5% on the month respectively. The price of Brent Crude followed a similar trend closing up almost 4% at over $110 per barrel. The Company's NAV per share rose 1.3% during the month from 32.83p to 33.26p with a number of positions being marked up in line with the wider markets.

There was a new deal in the month from Welltec A/S which develops and provides well technology and solutions for the oil and gas industry. Welltec brought a $325m 1st lien senior secured 2019 callable bond. The bond pays a fixed coupon of 8% semi-annually and was issued at a discount to yield 8.5% to maturity or 10.85% to the first call date in 2015. The bond is officially rated BB- by Standard and Poor's. The Company subscribed for and was allocated an amount of the new deal.

There was more encouraging contract news during the month.

Ocean Rig UDW Inc. announced that it had signed a new drilling contract for its semi-submersible drilling rig "Eirik Raude" with an independent operator for work offshore West Africa. The company's website states the maximum total revenue backlog to complete the 3 well program is estimated at $52m for a period of 60 days. The new contract will commence in direct continuation after the completion of the existing Eirik Raude contract. The operator has an option to drill one additional well for an estimated duration of 20 days.

In the first week of February, Ocean Rig UDW Inc further announced it had signed a new drilling contract for its semi-submersible drilling rig "Leiv Eiriksson " with a consortium coordinated by Rig Management Norway for drilling on the Norwegian Continental Shelf. The maximum total revenue backlog is estimated at $653m for a minimum period of 1070 days ($610k per day). The new contract is a well-based contract for 15 wells and will commence in the fourth quarter of 2012 or the first quarter of 2013. The contract includes three options of six wells each that have to be exercised well in advance of the expiry of the firm period.  

George Economou, Chairman and Chief Executive Officer of Ocean Rig UDW Inc commented "We are pleased to announce this long-term contract with a strong consortium for work on the Norwegian Continental Shelf, taking advantage of the Leiv Eiriksson's harsh weather capabilities. This contract substantially enhances our backlog and is evidence of the strengthening market for high specification ultra-deepwater rigs. We have two further high specification ultra-deepwater capable units open in 2012, the Eirik Raude and Ocean Rig Olympia, and we are focused on securing long-term contracts for them." The Company owns Ocean Rig Bonds which were marked up seven points in the month.

In addition, ultra-deepwater semi submersible drilling rig "Noble Jim Day" owned by Noble Corporation won a three-year contract at a $530,000 day rate from Shell for operations in the US Gulf. Market analysts stated that this is a solid day-rate confirming a continued strong market. For 2012, only 13 ultra-deepwater rigs are now available (source FondsFinans).

Finally, North Atlantic Drilling Ltd. (NADL) was awarded an 18-month contract extension for the drillship West Navigator by Norske Shell. This contract extension will secure employment for West Navigator until end of June 2014. The estimated revenue value for the contract extension is $320m or a daily rate of $587k. The contract underlines the strength in the drilling market and the market on the Norwegian Continental Shelf in particular (source Pareto). The Company has positions in Seadrill Limited which owns 75% of NADL.

For further information, please contact:

Corporate Secretariat
Kleinwort Benson (Channel Islands) Fund Services Limited
01481 710 607

Alastair Moreton/Hannah Young
NOMAD and Broker
Westhouse Securities Limited
020 7601 6118

All market data sourced from Bloomberg unless otherwise stated.

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