SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Dreco Energy Services Ltd.
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(Name of Issuer)
Common Stock - Equity
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(Title of Class of Securities)
261528202
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [_].
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
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 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
<PAGE>
CUSIP No. 261528202 13G Page 1 of 5 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Guardian Life Insurance Company of America
13-2656036
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
201 Park Avenue South
New York, New York 10003
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0%
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12 TYPE OF REPORTING PERSON*
IC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 2 of 5 Pages
Item 1. (a) Dreco Energy Services Ltd.
(b) 1340 Weber Centre, 555 Calgary Trail,
Edmonton, Alberta T6H 5P9, Canada
Item 2. (a) The Guardian Life Insurance Company of America
(b) 201 Park Avenue South, New York, New York 10003
(c) New York, U.S.A.
(d) Common Stock Class A
(e) CUSIP 261528202
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is:
(a) [ ] Broker or Dealer registered under Section 15 of the
Act
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in section 3(a)(19) of
the Act
(d) [ ] Investment Company registered under section 8 of the
Investment Company Act
(e) [ ] Investment Adviser registered under section 203 of the
Investment Advisers Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see Reg.
240.13d-1(b)(1)(ii)(F)
(g) [ ] Parent Holding Company, in accordance with Reg.
240.13d-1(b)(1)(ii)(G) (Note: See item 7)
(h) [X] Group, in accordance with Reg. 240.13d-1(b)(1)(ii)(H)
<PAGE>
Page 3 of 5 Pages Item 4. Ownership.
(a) 0 shares)
)
(b) 0% ) Cumulative totals from Items 5-8, 9 and
) 11 of the second parts of the cover page
(c) (i) 0 ) (Page 1 of this Schedule 13G) which
(ii) 0 ) are incorporated herein by reference.
(iii) 0 )
(iv) 0
Item 5. Ownership of Five Percent or Less of a Class.
As of December 31, 1997, The Guardian group no longer owned shares
of a class of the issuer's voting equity securities.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Not applicable
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security Being Reported on By the Parent Holding Company.
Not applicable
Item 8. Identification and Classification of Members of the Group.
a. The Guardian Life Insurance Company of America ("Guardian Life"), an
insurance company as defined in Section 3(a)(19) of the Act. IC.
<PAGE>
Page 4 of 5 Pages
Item 9. Notice of Dissolution of Group.
Not applicable
Item 10. Certification.
By signing below we certify that, to the best of our knowledge and
belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired for the purpose of and do not have
the effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant in
any transaction having such purpose or effect.
(This space intentionally left blank)
<PAGE>
Page 5 of 5 Pages
SIGNATURE
After reasonable inquiry and to the best of our knowledge and belief,
we each certify that the information set forth in this statement is true,
complete and correct.
Each of the undersigned hereby agrees that the forgoing Schedule 13G
is to be filed on its behalf by The Guardian Life Insurance Company of
America.
Date: February 11, 1998
The Guardian Life Insurance Company of America
By: /s/ Edward K. Kane
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Edward K. Kane, Executive Vice President
