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CQS Rig Finance Fund Ltd (RIG)

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Thursday 17 November, 2011

CQS Rig Finance Fund Ltd

Doc re. 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
October  2011 is now available on  the Company's website (
and  includes further  information on  the top  ten investments  and outstanding

The  sell-off  in  risky  assets  witnessed  in August and September was sharply
reversed  in  October  based  on  signs  of  improvement  in  the US economy and
continued  efforts by  European leaders  to stabilize  the region's debt crisis.
There  were conflicting stories throughout the  month surrounding the ability of
Eurozone  governments  to  resolve  the  troubles  by  recapitalising  banks and
increasing  the firepower  of the  European Financial  Stability Facility (EFSF)
along  with a voluntary partial write down  of Greek sovereign debt. Despite the
lack  of clarity  around how  this is  to be  achieved in practice, risk markets
surged  with the S&P  500 Index ending the  month 10.8% higher. Commodities also
rallied  and the  price of  Brent Crude  rose 9% to  close the month at $110 per
barrel.  During October,  the Company's  NAV per  share rose  14% from 28.14p to
32.06p. This  increase in the  NAV per share  includes recognition of the 0.55p
dividend  paid on  7 November 2011, following  the Company's  shares trading ex-
dividend on 12 October 2011.

Most  bonds in the portfolio  were marked up during  the month, in line with the
wider  high-yield credit markets. The  largest impact came from  the sale of the
collateral underlying the FPS Ocean bonds which led to a positive NAV per share
impact  of 3.94p including the refund of legal expenses. Cash was distributed to
bondholders on 28 October 2011. For further detail please refer to the Company's
announcement issued on 24 October 2011.

Ocean  Rig  UDW  Inc.  announced  drilling  contracts for three additional wells
offshore West Africa, with two independent oil operators based in the UK and the
USA  respectively, for the semi-submersible rig 'Eirik Raude'. The total revenue
backlog,  excluding mobilisation cost, to complete  the three wells programme is
estimated  at $96m for a period of approximately 175 days, which approximates to
$550k per day. This news is positive for the Company's position in the Ocean Rig

There  was further potential investment news  as Maersk Drilling announced plans
to  order another  eight high-specification  drilling rigs  by 2016, which would
increase its fleet to 30 rigs. The Maersk Drilling CEO said it has "an even more
profound  belief that deepwater will grow tremendously" than it had in 2005 when
it ordered its first deepwater units (Upstream).

The  bullish tone  to the  markets at  the end  of October provided a window for
companies  in the sector to raise finance. PGS and Songa Offshore, among others,
announced intentions to issue new bonds in November.

For further information, please contact:

Tom Daish
Corporate Secretariat
Kleinwort Benson (Channel Islands) Fund Services Limited
01481 727111

Richard Johnson
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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