Implementing a PIVOT query
I'm not sure if that is exactly what you want. But It gives your expected result. Note you can rename the columns as you please.

SET NOCOUNT ON

declare @t table(
    cid int,
    OverviewText varchar(15),
    RAGStatusText varchar(15)
 )

insert into @t values (153, 'Cost',           'Green');
insert into @t values (154, 'Requirements',   'Yellow');
insert into @t values (155, 'Schedule',       'NULL');
insert into @t values (156, 'Technical',      'NULL');
insert into @t values (157, 'Testing',        'NULL');


Select 
    [153|1] as [xyz],
    [153|2],
    [154|1],
    [154|2],
    [155|1],
    [155|2],
    [156|1],
    [156|2],
    [157|1],
    [157|2]

FROM (
select CAST(cid as varchar) + '|1' type, OverviewText  text from @t
Union
select CAST(cid as varchar) + '|2' type, RAGStatusText text from @t
) as SourceTable
Pivot(
    min(text)
    for type in ([153|1],[153|2], [154|1],[154|2], [155|1],[155|2], [156|1],[156|2], [157|1],[157|2])
) as PivotTable;