Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

CQS Rig Finance Fund Ltd (RIG)

  Print      Mail a friend

Monday 23 August, 2010

CQS Rig Finance Fund Ltd

Shareholder Monthly Fact Sheet - July 2010

                          CQS Rig Finance Fund Limited

                   Shareholder Monthly Fact Sheet - July 2010

Following the significant sell off in the previous two months, equity and credit
markets rallied sharply in July. Clarity provided by the release of the European
bank  stress  test  data,  coupled  with  solid  retail  sales data and earnings
optimism, pushed the S&P 500 Index up 7% to close the month above the 1100 mark.
The  oil price  followed the  trend and  finished up  around 4% on  the month at
approximately USD 79 per barrel.

During July there were positive developments at the Macondo field in the Gulf of
Mexico.  The successful  fixing of  a new  capping stack  allowed extensive well
integrity  testing  to  take  place  and  the  pressure  inside  the  well to be
accurately  measured. Shortly thereafter,  BP completed the  cement plug sealing
off  the top part of the  well. The next step is  completing the relief well and
setting  a plug  low in  the well  to ensure  there are  no leaks from potential
ruptures deeper in the well bore. This should see the well permanently sealed.

As  at the close  of business on  30 July 2010, the estimated  NAV per share was
25.03 pence  against  19.70 pence  at  the  end  of  June. The  large gains were
attributable  to the significant  increase in the  value of the  bonds issued by
Skeie  Drilling & Production ASA (SKDP) following  the news of a takeover bid by
Rowan Companies Inc. The Company owns all four SKDP bonds in issue. On the 20th
July,  it was announced  that the Board  of Directors of  Rowan had approved the
purchase of all of the ordinary shares in SKDP. Rowan will launch a tender offer
for  the remaining 49.7% of  SKDP's outstanding ordinary  shares, and expects to
complete  the offer  in September  2010, following the  prospectus review by the
Norwegian  Financial Supervisory  Authority. The  company has  stated that it is
looking  at options regarding  the refinancing of  the bonds but  no clarity has
been provided as to its intentions at this point.

There  were two pieces of news on the Sevan group of companies during the month.
Sevan Drilling AS, a wholly owned subsidiary of Sevan Marine ASA, announced that
it  has signed  a mandate  letter and  term sheet  with DVB  Group Merchant Bank
(Asia)  Pte Ltd  and NIBC  Bank N.V.  for the  arrangement of  a USD 530 million
limited  recourse  secured  term  loan  facility.  The facility will replace the
existing  debt of the Sevan Driller rig  which includes a 1st lien bank facility
of  USD 250 million and a 2nd lien bond facility of NOK 1 billion and is subject
to  syndication and documentation.  The Company owns the existing Sevan Drilling
bond  and we believe the above news adds to the likelihood that these bonds will
be called prior to maturity.

Sevan  Marine ASA also issued a new  USD 200 million bond, the proceeds of which
were  used to refinance the existing  9.25% 2011 bond. The Company had a holding
in  this bond which was redeemed at a price of 102.5 and subscribed for, and was
allocated, an amount of the new issue.

All market data sourced from Bloomberg.


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


a d v e r t i s e m e n t