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CQS Rig Finance Fund Ltd (RIG)

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Monday 26 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   March 2010 is   now available  on  the  Company's website and
includes information on the top ten investments and outstanding borrowings: <>

Equity and credit markets staged strong rallies during March on the back of
positive economic indicators from the US and Asia, as well as receding concerns
over the financial crisis in Greece. The S&P 500 Index moved up 6% to 1169
making new highs for the year. WTI crude oil markets followed a similar trend,
starting the month around USD 80 per barrel and ending around the USD 84 per

In the ultra-deepwater rig market, Chevron Corp awarded Pacific Drilling a 5
year Letter of Intent for its new build drillship Pacific Santa Ana. No rate was
disclosed, however, market analysts indicated a day-rate of around USD 450,000
per day. In addition, the investment in the development of the Brazilian
deepwater Tupi field continues as Petrobras signed a Letter of Intent for the
second Tupi pilot FPSO with the SBM-Queiroz Galvao consortium. This follows the
contract for the first Tupi pilot FPSO signed with MODEC and Schahin earlier in
2010. The second FPSO is scheduled to commence operations in 2014 on a 20 year
lease-contract. Petrobras is also reported to be in the process of completing
the hull-contracts for the eight permanent FPSOs to be installed at the subsalt

On 12 March 2010, following the filing for Chapter 11 bankruptcy protection in
the US that we reported last month, Remedial (Cyprus) PLC announced that it had
exclusively appointed Clarkson Offshore to manage the sale and auction process
for substantially all of the assets owned by Remedial and its subsidiaries.
Pursuant to bidding procedures approved by the Bankruptcy Court, the assets will
be offered for sale as one complete project, although offers for individual
equipment package contracts may be considered. Bids for the assets had to be
received by 9 April 2010, with a hearing for the Bankruptcy Court to consider
the highest and best offer scheduled to take place on 22 April 2010 (the outcome
is anticipated to be announced at the end of April). Any sale is subject to the
approval of the Bankruptcy Court. Furthermore on 21 March 2010, Remedial advised
that its first unit "Remedial ESV Solution" had successfully completed Sea
Trials and has arrived at COSCO Zhoushan Shipyard in order to prepare for final
jacking trials.

Marine Subsea reported two pieces of news during the month. First, pursuant to
the bond agreement dated 14 December 2009, Marine Subsea Cyprus Holding Ltd has
the opportunity to make any of the first eight interest payments as
Payment-in-Kind (as additional bond) if the amount of interest due exceeds
available cash. Marine Subsea Cyprus Holding Ltd has confirmed that this is the
case and the interest payment due 16 March 2010 will accordingly be made as
Payment-in-Kind. Second, Standard Bank Plc and Eksportfinans agreed to grant
Marine Subsea Sarah Limited an extension on the due date for the first interest
and principal payment on the MS Sarah loan facility from Tuesday 16th March to
Friday 19th March. Marine Subsea Sarah Limited made the payment on the 18th
March 2010. For further information see the company

Following the above news flow, the Company posted gains on the Remedial position
and losses on the Marine Subsea position. Gains were also recorded on the
position in Rubicon Offshore after the company announced Q4 2009 results and on
the Skeie Drilling positions although there was no significant news.

The Company is also pleased to announce that in light of recent improvements in
the collateral liquidity of the portfolio, it has on 9 April 2010 negotiated
improvements to the terms of both its secured and unsecured financing
arrangements. For further information please refer to the announcement made on
12 April 2010.

All market data is sourced from Bloomberg
¹ Source: Upstream

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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