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CQS Rig Finance Fund Ltd (RIG)

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Thursday 21 January, 2010

CQS Rig Finance Fund Ltd

Monthly Shareholder Fact Sheet

          CQS Rig Finance Fund Limited: Monthly Shareholder Fact Sheet

                          CQS RIG FINANCE FUND LIMITED
                         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  December 2009 is  now  available on  the Company's website and
includes information on the top ten investments and outstanding borrowings: <>

The price of WTI crude was volatile during December starting and ending the
month around USD79 per barrel, having dropped as low as c. USD70 mid-month.
 Generally, most major equity and credit markets were stronger in the wake of
positive economic data and strong corporate earnings expectations.  The ML Euro
High Yield Index showed a return of 2.38%.

There was activity in the premium new build jack up market as Vantage Drilling
launched a USD135m first lien bond issue to fund delivery of a modern 375 foot
drilling rig (Topaz Driller) being built at PPL Shipyard in Singapore.  The bond
issue was oversubscribed and traded up after issuance, demonstrating that
investor appetite had returned for this type of paper and providing a reference
point for the valuation of such new build rigs.

There were three important developments during the month for positions held by
the Company.

Firstly, it was announced that the UDW semi-submersible drilling rig, PetroRig
III which is under-construction, had been sold at auction to Mexico's Grupo R
for USD 560 million.*  This was at the upper end of market expectations and the
bonds traded up following the news. Based on this sale, price recoveries to
bondholders should be significant and a cash payout is expected during the first
half of 2010.  At month end, the bond price was indicated in the region of 90

Secondly, the refinancing of Marine Subsea AS was also completed during the
month following the company's announcement that it had taken delivery of the
deepwater intervention vessel named 'Sarah'. Marine Subsea is now fully financed
with a debt maturity profile that matches the long-term nature of its contracts.
Under the terms of the restructuring, the two bonds issued by Marine Subsea were
exchanged into a new bond paying 9% coupon in the first two years, stepping up
to 12% thereafter.  The Company therefore exchanged its notional Africa Offshore
FRN and notional Marine Subsea FRN into a single new USD denominated bond.
 Further information can be found on the company

The liquidation of Petroprod Ltd approached completion during the month.  The
Company owns both the fixed rate and the floating rate notes issued by this
company.  There was a partial repayment for the 10.85% fixed coupon to
bondholders of 10 cents in cash during December. No further material recovery is
expected on this bond.  The floating rate note price was indicated at 20 cents
in the market at the end of the month.  We do not anticipate final recovery to
materially exceed this level and cash is due to be received in Q1 2010.

The increase in the NAV based on the above positive events described above was
partially offset by negative moves across other positions in the portfolio,
leaving the portfolio slightly up on the month.

All market data is sourced from Bloomberg
*(source ODS Petrodata)

For further information, please contact:

Lynette LeProvost
Kleinwort Benson (Channel Islands) Fund Services Limited
01481 727111

Alastair Moreton
Director, Corporate Finance
Arbuthnot Securities
020 7012 2000




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