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CQS Rig Finance Fund Ltd (RIG)

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Thursday 15 April, 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  February 2010 is  now  available on  the Company's website and
includes information on the top ten investments and outstanding borrowings: <>

Equity  and  credit  markets  were  weak  in  early  February in response to the
continued  concerns over European sovereign risk and policy tightening in China.
The  S&P 500 Index  saw its  biggest daily  down move since early 2009, however,
markets  recovered to finish the month on  a firmer tone.  WTI crude oil markets
followed  a similar trend, starting the month around USD74 per Barrel and ending
around the USD80 per barrel.

There was a new bond issue during the month.  RDS Ultra-Deepwater Ltd., a wholly
owned  special purpose finance  subsidiary of RDS  Ultra-Deepwater Ltd. ("RDS"),
raised  USD270m in second lien  7 year notes.  The notes  were issued as part of
the  financing  package  to  fund  the  purchase  of PetroRig III at auction (as
reported   in   the  December  factsheet),  a  sixth-generation  ultra-deepwater
semi-submersible drilling rig. The RDS bond issue, priced at 97 to yield 12.5%,
was  assigned a  'B-' rating  by Standard  & Poor's.  The Company  owns bonds in
Petrorig III.
Remedial (Cyprus) PCL ("Remedial") announced on 22 February that on 17 February,
2010, it  filed a  voluntarily petition  for Chapter  11 protection in  the U.S.
Bankruptcy  Court for the Southern District of New York.  On 22 February, 2010,
the  Bankruptcy  Court  approved  the  interim  financing  offered by Remedial's
secured  bondholders,  which  allows  the  company  to  continue  to operate its
facilities and offices in the ordinary course of business. Remedial will use the
financing  to  increase  working  capital.  The  bonds rallied strongly over the
course   of   the  month.  Further  information  is  available  on  the  company <>.

The  positions in Marine Subsea and Skeie Drilling and Production AS were marked
up,  while Rubicon  Offshore bonds  were marked  down during  the month although
there  was no significant news flow on  these names.  The Company also benefited
from the weakening of Sterling versus the US Dollar and Norwegian Kroner.

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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