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CQS Rig Finance Fund Ltd (RIG)

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Wednesday 15 June, 2011

CQS Rig Finance Fund Ltd

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 2011 is now available on the Company's website ( and
includes information on the top ten investments and outstanding borrowings.

May was a negative month for risky assets following April's rally. At the start
of the month, the news of Osama bin Laden's death proved to be the catalyst for
a sharp sell-off in oil. Brent Crude, having closed at $125 at the end of April,
dropped almost $17 per barrel in the first few days of May before recovering to
$117 at the end the month. The S&P 500 Index was again volatile, aided by the
familiar concerns over Greek Sovereign debt and poor US macro data, drifting
lower over the month to close down 1.4% at 1345. The Company's final NAV per
share closed the month slightly lower at 28.74 pence against 28.84 pence at the
end of the prior month. Negative moves on the Sevan Marine positions were offset
by gains on the Remedial Cayman position.

There was significant news-flow on both of these companies during the month.

On 2 May 2011, the completion of the IPO of Sevan Drilling was announced. The
stock was priced at the lowest end of the pricing range (8 NOK per share) after
the pricing range had been revised downwards twice. On 20 May 2011, a financial
and operational update was issued detailing potential cost overruns and capital
expenditure increases totalling $70m and an offer from DnB NOR Markets for a
fully underwritten rights issue of approximately $275 mill, subject to due
diligence, satisfactory shareholder support and other customary conditions. On
26 May 2011, Sevan Marine said it had concluded, in consultation with DnB Nor
Markets, that it was not possible to proceed with the rights issue and announced
that it had engaged four advisors to address a financial and strategic
restructuring of Sevan Marine. Further information is available at

The Company had reduced holdings in Sevan Marine in previous months in
anticipation of credit deterioration. At the end of the month, the long market
value exposure to two of the secured bonds totalled approximately £900k.

Troll Drilling & Services Ltd announced an equity and bond issue during the
month. Troll is issuing $60m of first lien five-year bonds paying an11% coupon.
The bond will be issued ahead of a $60m equity placement with proceeds to be
held in escrow until the equity raise is complete. The Company has subscribed
for a small amount of the bond issue. The proceeds will be used primarily to
purchase the Offshore Service Vessel built by Remedial Cayman and sold to Spring
Capital earlier in the year. If and when the contemplated sale of this unit
between Spring Capital and Troll Drilling closes (expected mid-June 2011) , the
final payment to Remedial bondholders becomes due and payable. Remedial Cayman
bonds were marked up on this news.

For further information, please contact:

Lynette Le Provost
Corporate Secretariat
Kleinwort Benson (Channel Islands) Fund Services Limited
01481 727111

Hugh Field
Director, Corporate Finance
Arbuthnot Securities
020 7012 2000
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. 
Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE



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