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CQS RIG Finance Fund LTD (RIG)

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Monday 18 May, 2009

CQS RIG Finance Fund LTD

Statement re return to trading on AIM

For release at 7 a.m. on Monday 18 May 2009

                             SOUTH AFRICA OR JAPAN                             

                 CQS Rig Finance Fund Limited (the "Company")                  

                         Restoration of trading on AIM                         


On 30 October 2008 the Company announced it had requested that trading in its
shares on AIM and the CISX be suspended with immediate effect pending
clarification of the Company's financial position. Since that date the Company
has been in discussions with its main lender, Credit Suisse Securities (Europe)
Limited ("CS"), regarding a term financing facility and on 22 April 2009
announced that it had concluded discussions with CS and agreed amendments to
the terms of its financing arrangements (the "Facility").

On 15 May 2009 the Company published its report and accounts for the year ended
30 September 2008 and today it is providing an update on its investment
portfolio. The Board is therefore pleased to announce that the Company has
applied for and obtained the consent of AIM to restore trading in its shares on
AIM at 7am today. The Company is currently applying for the consent of the CISX
to restore listing of its shares on the CISX. The Company will resume
publication of its NAV on a weekly basis.

Portfolio update

As at 13 May 2009, the estimated liabilities of the Company exceeded the
estimated assets of the Company by approximately £4.45 million equivalent to a
shortfall of 4.57p per share. These estimates and those shown within the
portfolio analysis below have been prepared by the Company's investment adviser
and are based on unaudited, non-binding, valuations sourced from third party
brokers (the "Brokers") ** (and the Brokers are not responsible for any error
in relation to such valuations). Neither the Company nor its investment adviser
accept any responsibility for, and make no representation or warranty in
respect of, the accuracy of the estimates provided, and neither is any implied.
These estimates are provided for indicative purposes only.

An analysis of the Company's portfolio as at 13 May 2009 is as follows:

Bloomberg Issuer  Coupon   Floating      Mty     Ccy   FRN/    Bid    Asset/   
      Name           %      Coupon                     Fixed  Price (liability)
                                                                %    £ Million 
MARINE SUBSEA AS   6.88   3M          15-Feb-12  USD  FRN      25          1.76
MARINE SUBSEA AS   7.23   3M          29-Jun-12  USD  FRN      25          0.75
DDI HOLDING AS     9.30               26-Apr-12  USD  Fixed    58          0.01
DP PRODUCER AS     7.27   3M          05-Dec-11  USD  FRN       1          0.15
MASTER MARINE AS   13.60  3M          20-Jun-11  EUR  FRN      55          1.02
MPF CORP LTD       8.04   3M          20-Sep-11  USD  FRN       1          0.01
NEXUS 1 PTE LTD    10.50              07-Mar-12  USD  Fixed    15          1.81
NORTHERN OFFSHORE  5.83   3M          14-Jun-10  USD  FRN      50          2.35
LTD                       Libor+450                                            
PETROJACK AS       9.46   3M          30-May-12  NOK  FRN      30          0.88
PETROJACK AS       7.44   6M          30-May-12  USD  FRN      60          1.10
PETROPROD LTD      10.85              24-May-13  USD  Fixed     5          0.49
PETROMENA AS       10.85              19-Nov-10  USD  Fixed    18          1.23
PETRORIG III PTE   9.00   6M          20-Feb-14  NOK  FRN      40          2.39
LTD                       NIBOR+575                                            
PETROPROD LTD      7.15   3M          12-Jan-12  USD  FRN      10          1.24
SKEIE DRILLING &   11.25              22-Feb-13  USD  Fixed    26          2.12
SKEIE DRILLING &   11.25              08-Mar-13  USD  Fixed    20          1.38
SKEIE DRILLING &   11.25              12-Jul-13  USD  Fixed    31          2.91
REMEDIAL CYPRUS    6.48   3M          28-Mar-12  USD  FRN      33          4.68
LTD                       Libor+525                                            
RUBICON OFFSHORE   6.12   3M          16-Apr-12  USD  FRN      54          4.99
HOLDING                   Libor+500                                            
SEA PRODUCTION     5.16   3M          14-May-12  USD  FRN      50          0.07
LTD                       Libor+425                                            
SEVAN DRILLING     9.40   6M          07-Dec-12  NOK  FRN      50          3.94
VIKING DRILLING    10.50  3M          05-Oct-11  NOK  FRN      20          0.42
VIKING DRILLING    8.67   3M          05-Oct-11  USD  FRN      20          1.54
CS                                                                       -37.41
RBC Cees Trustee                                                          -4.00
Other                                                                     -0.31
Number of shares                                                     97,410,000
in issue                                                                       
Net liabilities                                                           -4.57
per share (pence)                                                              

** Fearnley Fonds ASA; Pareto Securities AS and DnB NOR

As at 13 May 2009, the assets in the portfolio may be divided into three broad
categories by function.

Drilling rigs are the largest category, accounting for 50% of the assets. 
These rigs break down into two main sub categories: jack up drilling rigs (29%)
and semi-submersible drilling rigs (21%). The majority of the jack up rigs
(23%) are regarded as "giant jack-ups" which are targeted at particular water
depths and demanding environmental conditions, such as the Norwegian
Continental Shelf, setting them apart from the general jack up market which is
much better supplied and very competitive. 

Production focused equipment, the majority being Floating Production Storage
and Offloading (FPSO) vessels, is the second largest category, accounting for
32% of assets. FPSO vessels are customised to meet the particular chemical/
physical characteristics of a target oil reservoir to which they are then
likely to be contracted for many years. While this customisation takes time and
can be costly, it also makes it difficult to switch a vessel from one field to
another at short notice.  The current level of oil prices and associated
softening in the capital expenditure plans of oil companies means that FPSOs
built on a speculative basis will find it harder to get employment in the short

The remaining 18% of the portfolio assets are oil service related equipment
such as barges, well intervention units, jack-up construction units and
elevating support vessels.

Analysed by type of security, 17% of the assets are first lien secured while
the remaining 83% have second lien security over the underlying assets built or
being built. Construction is complete on approximately 13% of the portfolio and
some 33% of the assets (built and under construction) have contracts of varying
tenors in place.

Certain securities are currently in default. It is currently anticipated that
there may be further defaults in the portfolio.

As referred to in the announcement regarding the Facility on 22 April 2009, the
Company and CS have agreed an estimate, based on forecast cashflows (the
"Cashflows"), of the aggregate recovery value of the bonds comprising the
Company's portfolio which is substantially higher than the current long market
value of the Company's portfolio. The Board has reviewed and approved the
Cashflows and, on this basis, expect the Company to be able to meet its
obligations under the Facility. Such Cashflows do not comprise a forecast and
there can be no assurance as to the aggregate recovery value of the bonds, in
particular that such value will be equal to or higher than the current long
market value of the Company's portfolio and, accordingly, when or if the
Company's assets will exceed its liabilities. CS will (in addition to other
rights to terminate) have the right to terminate the Facility if, as and when
realisations of individual bonds are made, the aggregate difference between the
estimated recovery values and the amounts actually received by the Company
exceeds 20 per cent. of the estimated aggregate recovery value of the

Under the terms of the financing facility, all cash receipts net of agreed
operating expenses, are required to be applied to repay the borrowing from CS.
Once that borrowing has been repaid together with a facility fee, the Company
intends to apply such cash receipts to repay the borrowing, and accrued
interest, to the second (unsecured) lender. Thereafter, any further cash
receipts and remaining portfolio assets are available for distribution to
shareholders. Based on the Cashflows, it is not expected that the Facility will
be fully repaid by the end of its term and consequently there is no expectation
that dividends will be paid during this period.

The short term unsecured credit facility with RBC Cees Trustees Limited was
made available in October 2008 for short term working capital. The facility is
due to expire on 22 October 2009. The facility was provided by a long term
investor in the Company seeking to protect its equity investment. The unsecured
lender has subsequently confirmed that it has no current intention to seek its
contractual right to repayment until the secured lender has been repaid in


Alastair Moreton

Arbuthnot Securities Limited

Telephone 020 7012 2000


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.


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