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CQS Rig Finance Fund Ltd (RIG)

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Monday 18 July, 2011

CQS Rig Finance Fund Ltd

Interim Management Statement

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

After a weak start due to poor macro data from the US, markets in risky assets
were dominated by concerns around Greek sovereign debt, rescues packages and
austerity measures. The S&P 500 Index fell 6% from 1345 to 1265 by mid-month.
Sentiment changed later in the month and following the passage of the Greek
austerity bill the Index rallied sharply into the close ending the month down
just 2%. Brent crude followed a similar trend ending the month 3.5% lower at
$112 per barrel. The Company's final NAV per share closed the month 2% lower at
28.18 pence against 28.74 pence at the end of the prior month. This was
principally due to the disposal of the Company's position in Marine Subsea AS.
There were no other material moves in valuations in the month.

Following a prior restructuring in 2009, Marine Subsea AS ran into operational
and financial difficulties in the final quarter of 2010, resulting in the bank
finance providers for the well-intervention vessel "Sarah" taking steps to
initiate a forced sale. Financing also became unavailable for the second
intervention vessel. Talks between creditors and management have since been
ongoing with a view to maintaining the business as an ongoing concern. As we
believe there is little clarity on the outcome of these discussions and no
income is being received on the position, the Company negotiated a sale of its
entire holding at a price of 20 cents, 5 cents lower than the marked price which
crystallised a loss of approximately £500k or 1.9% of NAV. For more information

Following the reduction of positions in Sevan Marine as reported in the May
2011 factsheet, the Company completely exited its holdings in early June 2011.
Following month-end, Sevan issued an update on 11 July 2011 stating that
dialogue was continuing with bondholders regarding a global restructuring which
would, currently, involve:
a full equitisation of the Company's existing unsecured bonds;
a partial but reasonably material equitisation of each of the series of the
Company's existing secured bonds;
a corresponding substantial dilution of the Company's existing shareholders;
a capital raise for the Company, likely in the form of new equity, currently
estimated to be at least $200m, to be funded primarily by bondholders, but with
a right for existing shareholders to participate;
extension of maturities for the Company's existing secured bonds;
and a revision of interest rates and amortization schedules of the Company's
secured bonds to correspond with the Company's cash flow profile and debt
service capacity.

In addition, further incremental costs in the region of $25m-$35m were announced
on the Sevan Voyageur upgrade project.

Although the Company has no exposure at present we continue to monitor the
situation closely. Further information may be viewed

For further information, please contact:

Tom Daish
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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