London-based hedge fund firm CQS Management says
it plans to double the size of its investment company that specializes in offshore oil and gas rigs
According to a report by the Financial Times, CQS Rig Finance is hoping to raise an additional $ 101.7m, doubling the amount it has in assets under management. It plans to use the money to invest in debt financing for the construction and refurbishment of rigs and other infrastructure connected with the offshore industry.
Former Credit Suisse analyst Mark Conway manages CQS Rig Finance
, which launched in December. It has managed to be in the black since then, while some credit funds have suffered heavy losses over the past year due to the recent meltdown.
Most of the debt purchased by CQS Rig Finance is issued by Norwegian companies, which dominate the rig-building industry. That debt is rarely graded by credit-rating agencies. [Source: http://www.hedgefund.net]