Monthly Shareholder Fact Sheet - Sept 2009
(Thomson Reuters ONE) - CQS Rig Finance Fund Limited: Monthly Shareholder Fact Sheet CQS RIG FINANCE FUND LIMITED Monthly Shareholder Fact SheetCQS Rig Finance Fund Limited (the "Company") a closed-endedinvestment company incorporated in Guernsey, is pleased to announcethat its Monthly Fact Sheet for September 2009 is now availableon the Company's website and includes information on the top teninvestments and outstanding borrowings:www.cqsrigfinance.comDuring September, the price for WTI crude oil for October deliveryfluctuated between $65 and $73 per barrel. In the wider markets,positive sentiment persisted and equity levels edged higher. Highyield bonds experienced another robust month with the Barclays PanEuropean High Yield index returning 7.4%.On the drilling front, BP Plc awarded a three year contract toTransocean Ltd. for its ultra-deepwater semisubmersible rig DeepwaterHorizon. The fixed charter has an estimated day rate of USD496,000per day for a drilling assignment in the US Gulf of Mexico. This is asolid rate and it is encouraging to see another major E&P company, inaddition to Petrobras SA, starting to award contracts.The Company's portfolio continued to make gains over the month,primarily from three investments.The Petrorig 3 bonds were marked up during the month after its sistervessel (Petrorig 2) was sold to Diamond Offshore for $490m. Petrorig2 is the second deepwater driller Diamond Offshore has acquired fromthe bankrupt units of Petromena ASA. Petrorig 3, a near identicalrig, is nearing completion at Jurong and is expected to be sold laterin the year. This rig is the collateral for the Petrorig 3 Pte Ltdposition held by the Company and its sale should crystallise therecovery amount under that bond.The Northern Offshore Ltd bonds were marked up during the month. Asthe maturity of these bonds approaches, it appears the market hasbecome optimistic about the ability of the company to refinanceitself.The largest gain on the month was recorded on the position in NexusFloating Production Ltd. The bond was marked up as the marketperceived improved recovery prospects for the harsh environment FPSOunder construction at Samsung Shipyard.All market data in this report is sourced from Bloomberg and Pareto.For further information, please contact:Lynette Le PrevostSecretaryKleinwort Benson (Channel Islands) Fund Services Limited01481 727111Alastair MoretonDirector, Corporate FinanceArbuthnot Securities020 7012 2000---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 22.10.2009 - 11:43 Uhr
Sprache: Deutsch
News-ID 7279
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