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CQS Rig Finance Fund Ltd (RIG)

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Thursday 24 June, 2010

CQS Rig Finance Fund Ltd

Shareholder Fact Sheet May 2010

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   May  2010 is   now  available  on   the Company's website and
includes information on the top ten investments and outstanding borrowings:

During  May, equity,  credit and  commodity markets  were turbulent as questions
over  the fiscal viability of the Euro-zone,  concerns over the viability of the
economic  recovery  and  the  advance  of  new  US  financial  legislation drove
investors  to sell risk assets. The price of  WTI crude fell sharply from c. USD
88 per  barrel to c. USD 74 at the end  of the month after briefly dipping below
the USD 70 mark for the first time since 2009.

In  addition to  the volatility  in the  wider markets,  the offshore  oil & gas
sector was adversely impacted by the increasingly poor news-flow and uncertainty
created  by the oil spill from the Macando  well in the Gulf of Mexico. Although
the Company does not have any material direct investments in assets operating in
this region, negative sentiment is currently affecting the entire sector.

The  US  government  announced  measures  including  the  suspension  of current
deep-water  drilling  projects,  a  moratorium  on  new deepwater permits for an
initial  period of six months and the cancellation of the Western Gulf of Mexico
lease  sale.  Significant  uncertainties  remain  both  about  the length of the
drilling  ban and  potential regulatory  changes that  might be announced on the
back  of it.  We believe  this situation  is likely  to persist for some time to

In  light of the events described above,  bonds were offered for sale across the
board  and all  of the  Company's investments  were marked  down, albeit on thin
trading volume.

There  were two pieces of news  worthwhile highlighting related to the Company's
investments  during the month. In its Q1  report Marine Subsea ASA reported that
"the multipurpose/ intervention vessel Sarah was mobilized to West Africa during
the  quarter. Sonangol requested  that Sarah would  start work on  a three month
subsea project during Q2 2010; however Marine Subsea cannot provide the services
required  by Sonangol  before Q4  2010 as we  will not  have access  to critical
subsea  equipment. Due to the above situation,  Sonangol has so far not paid the
March  invoice  and  Marine  Subsea  is  in  discussions with Sonangol about the
payment terms under the back-stop contract."

We  are monitoring  this situation  closely and  will report  to shareholders on
further  developments. Further information can be found at the company's website

In addition, Sevan Marine ASA, on behalf of one of its subsidiaries, has secured
commitments  for a USD 525 million senior  debt project finance facility for the
Sevan  Driller  II  vessel  with  ING  Bank  N.V. as Mandated Lead Arranger. The
facility is structured as a limited recourse construction financing and is fully
underwritten by ING, GIEK/Eksportfinans and Sinosure.

The  Company has invested in the bonds  secured by the first Sevan drilling unit
and it is encouraging to see availability of bank financing for the second rig.

All market data is sourced from Bloomberg.

For further information, please contact:

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

Alastair Moreton
Director, Corporate Finance
Arbuthnot Securities
020 7012 2000


		This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. 
		The owner of this announcement warrants that: 
			(i) the releases contained herein are protected by copyright and other applicable laws; and 
			(ii) they are solely responsible for the content, accuracy and originality of the information contained therein. 
		All reproduction for further distribution is prohibited.
		Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE


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