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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
ENSCO INTERNATIONAL, INC.
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(Name of Issuer)
Common Stock, $0.10 Par Value
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(Title of Class of Securities)
0002927191
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(CUSIP NUMBER)
CAMBRIDGE INVESTMENTS, LTD.
600 Montgomery Street
27th Floor
San Francisco, California 94111
Tel. No.: (415) 627-3017
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
- with copies to -
Michael G. Tannenbaum, Esq.
Newman Tannenbaum Helpern Syracuse & Hirschtritt LLP
900 Third Avenue - 13th Floor
New York, New York 10022
(212) 508-6700
August 5, 1997
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(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4) check the following box [ ]
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934, as amended ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act.
Page 1 of 10 Pages
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CUSIP No. 0002927191 13D
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1 NAME OF REPORTING PERSONS
S.S OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Cambridge Investments, Ltd.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S.A.
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NUMBER OF | 7 | SOLE VOTING POWER
SHARES | | 3,545,680 shares of Common Stock (See Item 5)
BENEFICIALLY |-----|--------------------------------------------------------
OWNED BY | 8 | SHARED VOTING POWER
EACH | | 37,425 shares of Common Stock (See Item 5)
REPORTING |-----|--------------------------------------------------------
PERSON WITH | 9 | SOLE DISPOSITIVE POWER
| | 3,545,680 shares of Common Stock (See Item 5)
|-----|--------------------------------------------------------
| 10 | SHARED DISPOSITIVE POWER
| | 37,425 shares of Common Stock (See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,583,105 shares of Common Stock (See Item 5.)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0% of Common Stock (See Item 5)
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14 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 2 of 10 Pages
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SCHEDULE 13D
This Schedule 13D is being filed on behalf of Cambridge
Investments, Ltd., a California corporation, registered as an investment advisor
in the State of California, regarding shares of Ensco International, Inc.
acquired on behalf of certain of its clients.
Item 1. Security and Issuer
Securities acquired: Common Stock, $0.10 par value
Issuer: Ensco International, Inc. (the "Issuer")
2700 Fountain Place
1445 Ross Avenue
Dallas, TX 75202-2792
(214) 922-1500
Item 2. Identity and Background
Cambridge Investments, Ltd., a California corporation
("Cambridge"), is registered as an investment advisor in the State of California
and provides investment management services to private individuals and
institutions. Cambridge's contracts with its clients generally provide that
Cambridge is responsible for designing and implementing either the client's
overall investment strategy or the strategy of a client's portfolio managed by
Cambridge; for conducting direct portfolio management strategies to the extent
Cambridge determines that it is appropriate to utilize its own portfolio
management capabilities. Cambridge is located at 600 Montgomery Street, San
Francisco, California 94111. Cambridge has not been convicted in a criminal
proceeding during the last five (5) years. Cambridge is not, and during the past
five (5) years was not, a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result thereof, subject
to any judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
Mr. John R. Tozzi ("JRT") is the sole shareholder, director
and principal of Cambridge. His business address is 600 Montgomery Street, San
Francisco, California 94111. JRT's principal occupation is investment management
and he is a United States citizen. During the past five (5) years, JRT has not
been (a) convicted in a criminal proceeding, or (b) a party to any civil
proceeding as a result of which he has been subject to any judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to federal or state securities laws or finding any violation
with respect to such laws.
Page 3 of 10 Pages
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Item 3. Source and Amount of Funds
Cambridge, through Cambridge Energy, L.P. ("CELP"), Cambridge
Energy Fund International Ltd. ("CEF") Cambridge Oil & Gas, L.P. ("COG"),
Cambridge Oil & Gas International, Ltd. ("COG Int'l"), Palamundo, LDC
("Palamundo"), Quantum Partners, LDC ("QP"), Cambridge Profit Sharing Plan (the
"Plan") and Cambridge (collectively, the "Funds"), has invested approximately
$134,361,728.12 in Common Stock of the Issuer as described in Item 5 below.
CELP, CEF, COG, COG Int'l., Palamundo, QP, the Plan and Cambridge have invested
approximately $35,769,023.00, $41,953,815.00, $13,865,308.00, $3,977,200.46,
$2,036,892.00, $19,528,755.70, $12,538,200.61 and $4,692,533.35, respectively.
The source of these funds was the respective working capital of each of the
Funds. JRT may be deemed to have invested directly and indirectly approximately
$8,008,392.68.
Item 4. Purpose of the Transaction
Cambridge has acquired shares of Common Stock reported in Item
5(c) hereof over the last sixty (60) days, and prior thereto, for portfolio
investment purposes only, and do not have any present plans or proposals that
relate to or would result in any change in the business, policies, management,
structure or capitalization of the Issuer. Cambridge reserves the right to
acquire, or dispose of, additional securities of the Issuer or any of its
securities in the ordinary course of business, to the extent deemed advisable in
light of their general investment and trading policies, market conditions or
other factors. The Issuer may from time to time contact large shareholders with
a view towards discussing the acquisition of their shares. Other than as
described above, Cambridge does not have plans or proposals which would result
in any of the following:
1) the acquisition by any person of additional securities of
the Issuer, or the disposition of securities of the Issuer;
2) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any
of its subsidiaries;
3) a sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries;
4) any change in the present board of directors or management
of the Issuer, including any plans or proposals to change
the number or term of directors or to fill any vacancies on
the board;
5) any material change in the present capitalization or
dividend policy of the Issuer;
6) any other material change in the Issuer's business or
corporate structure;
Page 4 of 10 Pages
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7) changes in the Issuer's charter, by-laws or instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person;
8) causing a class of securities of the issuer to be delisted
from a national securities exchange or to cease to be
authorized to be quoted in an interdealer quotation system
of a registered national securities association;
9) causing a class of securities of the Issuer to become
eligible for termination of registration pursuant to Section
12(g)(4) of the Act; or
10) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
(a) Cambridge is the beneficial owner of 3,583,105 shares of
Common Stock, or 5.0% shares of the shares outstanding. Of the 3,583,105 shares
of Common Stock described above, (i) 1,045,230 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
CELP; (ii) 1,020,869 are deemed beneficially owned by Cambridge in its capacity
as investment advisor for the institutional account of CEF; (iii) 273,900 are
deemed beneficially owned by Cambridge in its capacity as investment advisor for
the institutional account of COG; (iv) 66,000 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
COG Int'l.; (v) 41,281 are deemed beneficially owned by Cambridge in its
capacity as investment advisor for the institutional account of Palamundo; (vi)
316,000 are deemed beneficially owned by Cambridge in its capacity as investment
advisor for the institutional account of QP; (vii) 489,300 are deemed
beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of the Plan; and (viii) 82,000 are deemed beneficially
owned by Cambridge in its capacity as investment advisor for its institutional
account. JRT, directly and indirectly, may be deemed the beneficial owner of
248,525 shares of Common Stock or, in the aggregate, 0.3% of the shares
outstanding.
The number of shares beneficially owned by Cambridge, and the
percentage of outstanding shares represented thereby, have been computed in
accordance with Rule 13d-3 under the Act. The percentage of ownership of
Cambridge on August 15, 1997 is based on 70,994,806 outstanding shares of Common
Stock as reported in the Issuer's Quarterly Report on Form 10-Q as filed with
the Securities and Exchange Commission on July 31, 1997.
(b) Cambridge has the sole power to vote and dispose of the
shares of Common Stock held for the institutional accounts of CELP, CEF, COG,
COG Int'l., Palamundo, QP, the Plan and Cambridge mentioned above. JRT has the
sole power to vote and dispose of 211,100 shares of Common Stock held by him
directly or through a charitable organization established by JRT. JRT has shared
power to vote and dispose of the remaining 37,425 of the shares of Common Stock
which are owned by JRT's family.
Page 5 of 10 Pages
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(c) The transactions in the Issuer's securities by Cambridge
over the last sixty (60) days are listed as Annex A attached hereto and made
apart hereof.
(d) The Funds, respectively, JRT's charitable organization and
JRT's family have the right to participate in the receipt of dividends from, or
proceeds from the sale of securities held on behalf of such funds.
(e) Not Applicable.
Item 6. Contracts, Arrangement, Understandings or Relationships with
Respect to Securities of the Issuer
Not Applicable.
Item 7. Material to be Filed as Exhibits
Not Applicable
Page 6 of 10 Pages
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<TABLE>
<CAPTION>
ENSCO
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DATE TRANS SHARES PRICE ACCOUNT
(A/D) ($)
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<S> <C> <C> <C> <C>
06/03/97 A 4,000 51 COG Int'l.
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06/17/97 A 29,500 52.1313 CEF
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06/17/97 A 4,400 52.0663 CEF
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06/17/97 A 30,200 52.1313 CELP
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06/17/97 A 5,400 52.0663 CELP
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06/17/97 A 100 52.0663 COG Int'l.
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06/17/97 A 2,950 52.1313 COG Int'l.
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06/17/97 A 500 52.625 JRT*
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06/17/97 A 2,950 52.1313 Palamundo
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06/17/97 A 100 52.0663 Palamundo
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06/20/97 A 9,200 52.5931 CEF
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06/20/97 A 9,200 50.875 CEF
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06/20/97 A 10,600 52.5931 CELP
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06/20/97 A 10,600 50.875 CELP
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06/20/97 A 200 50.875 Palamundo
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06/20/97 A 200 52.5931 Palamundo
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06/23/97 A 9,200 50.3125 CEF
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06/23/97 A 10,600 50.3125 CELP
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06/23/97 A 200 50.3125 Palamundo
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06/27/97 A 10,000 50.8406 CEF
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06/27/97 A 10,000 50.9463 CEF
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06/27/97 A 14,900 51.4046 CEF
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06/27/97 A 14,900 51.4046 CELP
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06/27/97 A 10,000 50.9463 CELP
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06/27/97 A 10,000 50.8406 CELP
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06/27/97 D 200 51.8125 JRT*
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</TABLE>
Page 7 of 10 Pages
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
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06/30/97 A 12,000 52 CEF
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06/30/97 A 16,000 52.75 CEF
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06/30/97 A 12,500 52.2857 CEF
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06/30/97 A 33,600 52.3202 CEF
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06/30/97 A 2,200 52.75 CELP
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06/30/97 A 1,600 52.2857 CELP
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06/30/97 A 1,600 52 CELP
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06/30/97 A 4,600 52.3202 CELP
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06/30/97 A 950 52.2857 COG
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06/30/97 A 1,200 52.75 COG
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06/30/97 A 1,000 52 COG
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06/30/97 A 2,500 52.3202 COG
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06/30/97 A 500 52.2857 COG Int'l.
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06/30/97 A 600 52.75 COG Int'l.
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06/30/97 A 1,300 52.3202 COG Int'l.
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06/30/97 A 400 52 COG Int'l.
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06/30/97 A 19,450 52.2857 Palamundo
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07/03/97 D 4,000 59.2938 Palamundo
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07/07/97 A 12,000 59.5 CEF
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07/07/97 A 12,250 59.5 CELP
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07/07/97 A 250 59.5 COG Int'l.
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07/07/97 A 500 59.5 Palamundo
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07/08/97 A 20,000 58.2891 CIL
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07/08/97 A 5,300 60.0625 COG Int'l.
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07/16/97 A 500 64.125 CIL
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07/16/97 A 35,000 64.75 CIL
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07/29/97 A 11,000 64.5445 CEF
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07/29/97 A 31,000 64.5445 COG
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</TABLE>
Page 8 of 10 Pages
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
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07/29/97 A 43,000 64.5445 QP
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07/29/97 A 75,000 60.4002 QP
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07/29/97 A 33,000 62.6589 QP
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07/29/97 A 75,000 61.8729 QP
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07/29/97 A 10,000 61.37 QP
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07/29/97 A 80,000 61.2677 QP
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08/01/97 A 35,000 66.5552 COG Int'l.
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08/04/97 A 5,000 65.6875 COG
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08/04/97 A 5,000 65.3338 COG Int'l.
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08/05/97 A 5,000 64.3125 CEF
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08/13/97 D 300 62.6875 JRT*
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Subtotal: 811,200
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</TABLE>
* These transactions relate to shares held by JRT, his family and a charitable
organization established by JRT.
Page 9 of 10 Pages
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Signatures
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: September 4, 1997
CAMBRIDGE INVESTMENTS, LTD.
By: /s/ Jocelyn E. Weingart
---------------------------
Jocelyn E. Weingart,
Vice President
Page 10 of 10 Pages
