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CQS RIG Finance Fund LTD (RIG)

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Thursday 24 July, 2008

CQS RIG Finance Fund LTD

2nd Quarterly Shareholder Fact Sheet

                         CQS RIG FINANCE FUND LIMITED                          

                        Quarterly Shareholder Fact Sheet

24 July 2008

CQS Rig Finance Fund Limited (the "Company") a closed-ended investment company
incorporated in Guernsey, is pleased to announce that its Quarterly Shareholder
Fact Sheet for the period 1st April to 30th June 2008 is now available on the
Company's website:

The investment manager's commentary in the Fact Sheet is as follows:

The CQS Rig Finance Fund's (the "Company") ordinary shares produced a net
return of -2.46% for the second quarter of 2008, bringing net returns since
inception to +1.20%. The ordinary share price closed at 91.50 pence on 30 June
2008 against a closing price of 95.75 pence on 31 March 2008. An interim
dividend of 1.98 pence per ordinary share for the financial period from 1
January 2008 to 31 March 2008 was announced on 8 May 2008 and paid on 10 June
to shareholders of record on 16 May 2008. This brings the annualised net return
since inception to +0.78%.

The fundamentals underpinning worldwide exploration and production continued to
be robust during the second quarter of 2008. Oil prices advanced further and
rig utilization rose. During the second quarter, WTI crude oil reached a high
of US $140.27 (1) per barrel, against the US$110.21 per barrel high achieved in
the first quarter of 2008. According to Rigzone, worldwide offshore rig
utilisation rose to 88.9% as at 11 July 2008, against 85.5% at the beginning of
the year. News flow from companies involved in offshore oil and gas exploration
continued to be positive.

Construction risk, however, appears to be on the rise as raw material costs
experienced substantial increases. Additionally, many yards are running at
close to full capacity and cost overruns and delays are occurring more often.
As we reported in last quarter's Fact Sheet, bond financing projects with lower
perceived construction risk and/or with drilling contracts generally
outperformed those where construction risk was perceived to be higher. To
mitigate the impact of such risks, the Company continued to seek to shift its
exposure towards bonds whose underlying units have firm contracts and, as at 30
June 2008, approximately 19% of the portfolio was invested in bonds of
companies with completed units and 56% in bonds of companies that have firm

In the financial markets, the second quarter of 2008 was marked by continued
credit and equity market volatility, with many major markets experiencing sharp

An announcement by MPU Offshore Lift ASA regarding its petition for bankruptcy
impacted the Company's net asset value which was reported to Shareholders on 30
June. However, news flow from oil service companies generally continued to be
positive for many of the Company's holdings. Several agreements were announced
regarding term contracts for offshore oil and gas infrastructure and M&A
activity continued. In some cases this resulted in the early redemption of
bonds held by the Company. By way of example, following Schlumberger's
acquisition of Eastern Echo, the 10.875% 2012 bonds were redeemed at 107%.
Additionally, Petrojack announced an agreement with Saipem, the Italian oil
services company, whereby the two parties have put/call options for Petrojack
II. If exercised, the secured bonds would be called at 104.25%. Elsewhere,
Marine Subsea has entered into a sale-lease-back transaction for two
Accommodation Construction Support Barges, African Fjord and African Caribe.
The sale of the two vessels triggers a partial mandatory redemption in two of
the bond loans outstanding. In late June, Skeie Drilling & Production ASA
signed a drilling contract with Skeie Energy AS for the lease of SKDP 2 (to be
delivered from Keppel FELS Shipyard in Singapore in 3rd quarter 2010). The
contract is a firm 3 years lease with the option for Skeie Energy AS to extend
the firm contract period up to 5 years. The day rate quoted was an impressive
US$430,000 per day, with US$470 million for the minimum 3 year period. It was
also announced that an international integrated oil & gas company is to acquire
52% of the shares of Skeie Energy AS.


While there appear to be many uncertainties in global financial markets, we
expect the offshore oil and gas infrastructure market will remain healthy. We
believe the portfolio is well positioned and that the Company will be able to
achieve its targeted annualised gross dividend yield of 8%, as outlined in the
admission document dated 11 December 2006.

(1) Bloomberg All share price data sourced from Bloomberg

For further information, please contact:

Lynette Le Prevost                           Alastair Moreton
Corporate Secretariat                        Director, Corporate Finance

Kleinwort Benson (Channel Islands)           Arbuthnot Securities
Fund Services Limited                 

01481 727111                                 020 7012 2000


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