Results for the year ended 30 September 2013. RIG’s NAV increased from 34.72p to 35.65p – shareholders total return in NAV terms was 7.2%. The various members of the CQS Group own 68.7% of RIG’s shares between them (CQS Cayman LP made a mandatory offer for RIG’s shares last year). There is a continuation vote in March 2014 but the Directors believe, having consulted major shareholders that this will be passed and the fund will continue beyond that date. The managers think there may be some contraction in exploration and production spend by the oil companies in 2014. The bulk of the portfolio (44%) is still invested in ultra deep water rigs but this figure was higher last year as the manager has been switching money into service vessels.
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