<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
----------
SCHEDULE 13D
Under The Securities Exchange Act of 1934
(Amendment No. 2)*
Grey Wolf, Inc.
- --------------------------------------------------------------------------------
(Name of issuer)
Common Stock, par value $0.10 per share
- --------------------------------------------------------------------------------
(Title of class of securities)
397888108
- --------------------------------------------------------------------------------
(CUSIP Number)
Nick D. Nicholas
Porter & Hedges, L.L.P.
700 Louisiana, Suite 3500
Houston, Texas 77002-2764
(713) 226-0600
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
September 30, 1997
- --------------------------------------------------------------------------------
(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 [ ].
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*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
disclosures provided in a prior cover page.
The information required on 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> 2
SCHEDULE 13D
CUSIP NO. 232909-10-1 PAGE 2 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Somerset Drilling Associates, L.L.C.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO(See Item 3 of Initial Statement)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
29,962,223
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO(Limited Liability Company)
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 3
SCHEDULE 13D
CUSIP NO. 397888108 1 PAGE 3 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Somerset Capital Partners
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO(See Item 3 of Initial Statement)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
35,423,978
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 4
SCHEDULE 13D
CUSIP NO. 397888108 PAGE 4 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Thomas H. O'Neill, Jr.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF(See Item 3 of Initial Statement)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
35,423,978
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 5
SCHEDULE 13D
CUSIP NO. 397888108 PAGE 5 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Webster
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
BK(See Item 3 of Initial Statement)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
35,499,978
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 6
SCHEDULE 13D
CUSIP NO. 397888108 PAGE 6 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
William R. Ziegler
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
BK(See Item 3 of Initial Statement)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
35,503,978
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 7
SCHEDULE 13D
CUSIP NO. 397888108 PAGE 7 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
U.S. Rig and Equipment, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO(See Item 3 of Initial Statement)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Oklahoma
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,660,002
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 8
SCHEDULE 13D
CUSIP NO. 397888108 PAGE 8 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mike Mullen Energy Equipment Resources, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO(See Item 3 of Initial Statement)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,235,500
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 9
SCHEDULE 13D
CUSIP NO. 397888108 PAGE 9 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
GCT Investments, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO(See Item 3 of Initial Statement)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,287,100
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 10
SCHEDULE 13D
CUSIP NO. 397888108 PAGE 10 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Roy T. Oliver, Jr.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO(See Item 3 of Initial Statement)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,890,614
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 11
SCHEDULE 13D
CUSIP NO. 397888108 PAGE 11 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mike L. Mullen
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO(See Item 3 of Initial Statement)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,522,600
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 12
SCHEDULE 13D
CUSIP NO. 397888108 PAGE 12 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Norex Drilling Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See Item 3 of Initial Statement and Item 3 of the Amendment
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,685,605
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 13
SCHEDULE 13D
CUSIP NO. 397888108 PAGE 13 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Norex Industries Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
See Item 3 of Initial Statement and Item 3 of the Amendment
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,685,605
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 14
SCHEDULE 13D
CUSIP NO. 397888108 PAGE 14 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Kristian Siem
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Norway
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 5(a)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
See Item 5(a)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 15
SCHEDULE 13D
CUSIP NO. 397888108 PAGE 15 OF 30 PAGES
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Frank Capstick
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
N/A
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
See Item 5(b)
SHARES -------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY See Item 5(b)
------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
See Item 5(b)
PERSON ------------------------------------------------
10 SHARED DISPOSITIVE POWER
WITH
See Item 5(b)
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Item 5(a)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
See Item 5(a)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDED BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND SIGNATURE ATTESTATION.
<PAGE> 16
AMENDMENT NO. 2
TO
SCHEDULE 13D
INTRODUCTION
All of the reporting persons named in Item 2 of the Schedule
13D that was filed with the Securities and Exchange Commission (the
"Commission") on September 9, 1996 (the "Initial Statement"), were signatories
to the Initial Statement (the "Initial Group"). The Initial Group jointly filed
the Initial Statement as a group solely because they may have been deemed a
"group" within the meaning of Rule 13d-5(b)(1) promulgated pursuant to the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), by virtue of
the fact that the shares of common stock of the issuer directly or indirectly
beneficially owned by them were held subject to certain agreements with respect
to the voting and disposition of same under the terms and conditions of a
certain shareholders' agreement dated May 7, 1996, as amended on June 11, 1996
(as amended, the "Shareholders' Agreement"). In accordance with Rule 13d-1(f)
promulgated pursuant to the Exchange Act, all of the members of the Initial
Group executed a written agreement relating to the joint filing of the Initial
Statement (the "Initial Group Filing Agreement"), a copy of which was attached
thereto as Exhibit I.
The reporting persons named in Item 2 of Amendment No. 1 to
Schedule 13D (the "Amendment") (collectively, the "Group"), filed the Amendment
on March 4, 1997 primarily to disclose certain changes in beneficial ownership
of the Common Stock of the Company resulting from the consummation of the
following transfers of Common Stock that were mentioned in the Initial
Statement: (i) liquidating distribution of shares of Common Stock by each of
PRD and N78 to their respective partners, including La Patagonia Offshore,
Inc., resulting in the withdrawal of each of PRD and N78 as members of the
Group and the addition of La Patagonia Offshore, Inc. as a member of the Group;
and (ii) transfers of shares of Common Stock by certain members of the
Mullen/Oliver Group (as defined in Item 2 of the Amendment) to certain third
parties not members of the Group in satisfaction of certain pre-existing
contractual obligations. In accordance with the terms and conditions of the
Initial Group Filing Agreement and in satisfaction of the Rule 13d-1(f) written
agreement requirement with respect to joint filings, La Patagonia Offshore,
Inc. executed a joinder to the Initial Group Filing Agreement, in the form of
an Amendment No. 1 to Schedule 13D Group Filing Agreement (the "Amendment No.
1 to Group Filing Agreement"; the Initial Group Filing Agreement, as amended
and supplemented by the Amendment No. 1 to Group Filing Agreement, being
sometimes hereinafter collectively referred to as the "Group Filing
Agreement"). A copy of the Amendment No. 1 to Group Filing Agreement was
attached as Exhibit I to Amendment No. 1 to Schedule 13D.
The persons named in Item 2 below are filing this Amendment
No. 2 to Schedule 13D ("Amendment Number Two"; Amendment Number Two and the
Amendment, together with the Initial Statement being sometimes hereinafter
collectively referred to as the "Schedule 13D")
-16-
<PAGE> 17
primarily to disclose the termination of the Shareholders' Agreement by the
Second Amendment to Shareholders' Agreement dated as of September 30, 1997 (the
"Second Amendment"), thus ending the possibility that the Initial Group or the
Group would be deemed a "group" within the meaning of Rule 13d-5(b)(1) and
consequently ending the need to file as a group. A copy of the Second
Amendment is attached as Exhibit I to this Amendment Number Two.
Capitalized terms used in this Amendment Number Two without
definition shall have the respective meanings ascribed to them in the Initial
Statement and the Amendment.
ITEM 1. SECURITY AND ISSUER.
This statement relates to the common stock, par value $0.10
per share (the "Common Stock") of Grey Wolf, Inc., a Texas corporation (the
"Company"). The address of the principal executive offices of the Company is
10370 Richmond Avenue, Suite 600, Houston, Texas 77042.
ITEM 2. IDENTITY AND BACKGROUND.
No change except for the addition of the paragraph set forth
below.
La Patagonia Offshore, Inc. ("LPO") has liquidated all of its
holdings in the Company and is no longer a Reporting Person. Mullen, MMEER,
GCT and USRE have each ceased to be the beneficial owner of more than five
percent of the shares of the Common Stock of the Company and, therefore, are no
longer Reporting Persons.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
No change.
ITEM 4. PURPOSE OF TRANSACTION.
No change, except that the following paragraph and table are
added to describe the proposed sale, by various Reporting Persons, of shares of
Common Stock pursuant to a public offering.
The Company has proposed a public offering of 25,000,000
shares of Common Stock. Of the 25,000,000 shares of Common Stock being offered
by the Company, 12,500,000 shares are to be sold by the Company and 12,500,000
shares are to be sold by shareholders. The following table sets forth the
number of shares of Common Stock proposed to be sold by various Reporting
Persons in the public offering.
<TABLE>
<CAPTION>
NAME SHARES TO BE SOLD
---- -------------------
<S> <C>
Somerset Drilling Associates, L.L.C. 5,527,000
Somerset Capital Partners 5,527,000 (1)
</TABLE>
-17-
<PAGE> 18
Thomas H. O'Neill, Jr. 5,527,000 (1)
Steven A. Webster 5,527,000 (1)
William R. Ziegler 5,527,000 (1)
Roy T. Oliver, Jr. 3,413,000 (2)
Norex Drilling Ltd. 2,759,000
Norex Industries Inc. 2,759,000 (3)
Kristian Siem 2,759,000 (3)
Frank Capstick 2,759,000 (3)
- ----------------
(1) Includes 5,527,000 shares that are offered by Somerset Drilling
Associates, L.L.C., an affiliate of each of Somerset Capital Partners
and Messrs. O'Neill, Webster, and Ziegler. Each of O'Neill, Webster,
and Ziegler expressly disclaims beneficial ownership of these shares.
(2) Includes 633,000 shares that are offered by U.S. Rig and Equipment,
Inc., an affiliate of Mr. Oliver. Mr. Oliver expressly disclaims
ownership of these shares.
(3) Includes 2,759,000 shares offered by Norex Drilling Ltd., an affiliate
of Norex Industries Inc., Mr. Siem, and Mr. Capstick. Mr. Siem and
Mr. Capstick expressly disclaim ownership of these shares.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The aggregate number and percentage of shares of Common
Stock beneficially owned by each person named in Item 2 above are as follows:
Accounting for gifts, dispositions, and sales of Common Stock
since the Amendment, the following table sets forth the aggregate number and
percentages of shares of Common Stock beneficially owned by each person named
in Item 2 above as of September 30, 1997, the date of the Second Amendment
which terminated the Shareholders' Agreement. The table also sets forth the
aggregate number and percentages of shares of Common Stock that will be
beneficially owned by each person named in Item 2 above immediately following
the sale of shares of Common Stock pursuant to a proposed public offering as
described in Item 4 above. As of September 30, 1997, there were 151,835,391
shares of Common Stock issued and outstanding. Assuming that an additional
12,500,000 shares are sold by the Company during the proposed public offering,
there will be 164,335,391 shares of Common Stock issued and outstanding
following the offering.
<TABLE>
<CAPTION>
CURRENTLY ASSUMING SALE IN PUBLIC OFFERING (14)
--------------------------------------- ---------------------------------------
BENEFICIALLY OWNED PERCENTAGE OF PERCENTAGE OF
SHARES SUBJECT TO SHARES SHARES
VOTING AND DISPOSITIVE BENEFICIALLY NUMBER OF BENEFICIALLY BENEFICIALLY
NAME POWER (1) OWNED OWNED SHARES OWNED
-------------------------------- ----------------------- -------------- ----------------------- --------------
<S> <C> <C> <C> <C>
Somerset Drilling Associates, L.L.C. 29,962,223 (2) 19.7% 24,435,223 (2) (15) 14.9%
(4) (7)
</TABLE>
-18-
<PAGE> 19
<TABLE>
<S> <C> <C> <C> <C>
Somerset Capital Partners (5) (7) 35,423,978 (2) 23.3% 29,896,978 (2) (15) 18.2%
Thomas H. O'Neill, Jr. (6) (7) 35,423,978 (2) 23.3% 29,896,978 (2) (15) 18.2%
Steven A. Webster (6) (7) 35,499,978 (2) (3) 23.4% 29,972,978 (2) (15) 18.2%
William R. Ziegler (6) (7) 35,503,978 (2) (3) 23.4% 29,976,978 (2) (15) 18.2%
Mike Mullen Energy Equipment 6,235,500 (2) 4.1% 6,235,500 (2) 3.8%
Resource, Inc. (8)
GCT Investments, Inc. (9) 1,287,100 (2) 0.8% 1,287,100 (2) 0.8%
Mike L. Mullen (10) 7,522,600 (2) 4.954% 7,522,600 (2) 4.6%
U.S. Rig and Equipment, Inc. (11) 2,660,002 (2) 1.8% 2,027,002 (2) (15) 1.2%
Roy T. Oliver, Jr. (12) 14,890,614 (2) (3) 9.8% 11,477,614 (2) (15) 7.0%
Norex Drilling Ltd. (13) 17,685,605 11.6% 14,926,605 (15) 9.1%
Norex Industries Inc. (13) 17,685,605 11.6% 14,926,605 (15) 9.1%
Kristian Siem (13) 17,685,605 11.6% 14,926,605 (15) 9.1%
Frank Capstick (13) 17,685,605 11.6% 14,926,605 (15) 9.1%
</TABLE>
- ---------
(1) Shares of Common Stock issuable upon exercise of stock options
exercisable within 60 days of September 30, 1997 are deemed outstanding
and to be beneficially owned by the person holding such option for
purposes of computing such person's percentage ownership, but are not
deemed outstanding for the purpose of computing the percentage ownership
of any other person. To the Company's knowledge, the persons named in
the table have sole voting and dispositive power with respect to all
shares of Common Stock shown as subject to their voting and dispositive
power, subject to the community property laws where applicable and the
information contained in the footnotes to this table.
(2) Does not include shares of Common Stock that may be acquired
upon the exercise of warrants to purchase Common Stock. The rights to
exercise such warrants are contingent upon the occurrence of events not
within the control of the holder of such warrants.
(3) Includes options to purchase 75,000 shares of Common Stock.
(4) Somerset Capital Partners, as the sole managing member of Somerset
Drilling Associates, L.L.C., and each of O'Neill, Webster and
Ziegler, as the general partners of Somerset Capital Partners, may
be deemed to share the power to vote (and direct the vote of) and to
dispose of (and direct the disposition of) the 29,962,223 shares of
Common Stock owned of record by Somerset Drilling Associates, L.L.C.
Each of O'Neill, Webster, and Ziegler expressly disclaims beneficial
ownership of all such shares.
(5) Somerset Capital Partners may be deemed to (A) have the sole power to
vote (and direct the vote of) and to dispose of (and direct the
disposition of) the 5,461,755 shares of Common Stock owned of record by
it and (B) as the sole managing member of Somerset Drilling Associates,
L.L.C., share the power to vote (and direct the vote of) and to dispose
of (and direct the disposition of) the 29,962,223 shares of Common Stock
owned of record by
-19-
<PAGE> 20
Somerset Drilling Associates, L.L.C. Notwithstanding the foregoing,
each of O'Neill, Webster and Ziegler, as the general partners of
Somerset Capital Partners, may be deemed to share the power to vote
(and direct the vote of) and to dispose of (and direct the disposition
of) (A) the 5,461,755 shares of Common Stock owned of record by
Somerset Capital Partners and (B) the 29,962,223 shares of Common
Stock owned of record by Somerset Drilling Associates, L.L.C. and
beneficially by Somerset Capital Partners. Each of O'Neill, Webster,
and Ziegler expressly disclaims beneficial ownership of all such
shares.
(6) Each of O'Neill, Webster and Ziegler, as the general partners of
Somerset Capital Partners, may be deemed to share the power to vote
(and direct the vote of) and to dispose of (and direct the disposition
of) the 35,423,978 shares of Common Stock beneficially owned by
Somerset Capital Partners 5,461,755 shares of which are owned of
record by Somerset Capital Partners and 29,962,223 shares of which are
owned of record by Somerset Drilling Associates, L.L.C. Ziegler may
be deemed to have the sole power to vote (and direct the vote of) and
to dispose of (and direct the disposition of) the 5,000 shares of
Common Stock owned of record by him, and Webster may be deemed to have
the sole power to vote (and direct the vote of) and to dispose of (and
direct the disposition of) the 1,000 shares of Common Stock owned of
record by him. Each of O'Neill, Webster, and Ziegler expressly
disclaims beneficial ownership of any such shares not owned of record
by the respective individual.
(7) If each of Somerset Drilling Associates, L.L.C., Somerset Capital
Partners, O'Neill, Webster and Ziegler are deemed to constitute a
"group" within the meaning of Section 13(d)(3) and Rule 13d-5(b) by
virtue of their action in concert in connection with the acquisition
of an aggregate of 35,423,978 shares of Common Stock pursuant to the
Somerset Merger Agreement, then (A) Somerset Drilling Associates,
L.L.C. may be deemed to share with Somerset Capital Partners and each
of O'Neill, Webster and Ziegler, the power to vote (and direct the
vote of) and to dispose of (and direct the disposition of) the
5,461,755 shares of Common Stock owned of record by Somerset Capital
Partners, (B) each of Somerset Drilling Associates, L.L.C., Somerset
Capital Partners, O'Neill and Webster may be deemed to share with
Ziegler the power to vote (and direct the vote of) and to dispose of
(and direct the disposition of) 5,000 shares of Common Stock owned of
record by Ziegler and options to purchase 75,000 shares of Common
Stock held by Ziegler, and (C) each of Somerset Drilling Associates,
L.L.C., Somerset Capital Partners, O'Neill and Ziegler may be deemed
to share with Webster the power to vote (and direct the vote of) and
to dispose of (and direct the disposition of) 1,000 shares of Common
Stock owned of record by Webster and options to purchase 75,000 shares
of Common Stock held by Webster. Each of O'Neill, Webster, and
Ziegler expressly disclaims beneficial ownership of any such shares
not owned of record, or represented by options held, by the respective
individual.
(8) Mike Mullen Energy Equipment Resources, Inc. may be deemed to have the
sole power to vote (and direct the vote of) and to dispose of (and
direct the disposition of) the 6,235,500 shares of Common Stock owned
of record by it. Notwithstanding the foregoing, Mullen, as the sole
control person of Mike Mullen Energy Equipment Resources, Inc., may be
deemed to share the power to vote (and direct the vote of) and to
dispose of (and direct the disposition of) the 6,235,500 shares of
Common Stock owned of record by Mike Mullen Energy Equipment
Resources, Inc.
-20-
<PAGE> 21
(9) GCT Investments, Inc. may be deemed to have the sole power to vote
(and direct the vote of) and to dispose of (and direct the disposition
of) the 1,287,100 shares of Common Stock owned of record by it.
Notwithstanding the foregoing, Mullen, as the sole control person of
GCT Investments, Inc., may be deemed to share the power to vote (and
direct the vote of) and to dispose of (and direct the disposition of)
the 1,287,100 shares of Common Stock owned of record by GCT
Investments, Inc.
(10) Mullen, as the sole control person of each of Mike Mullen Energy
Equipment Resources, Inc. and GCT Investments, Inc., may be deemed to
share the power to vote (and direct the vote of) and to dispose of
(and direct the disposition of) the 6,235,500 shares of Common Stock
owned of record by Mike Mullen Energy Equipment Resources, Inc. and
the 1,287,100 shares of Common Stock owned of record by GCT
Investments, Inc.
(11) U.S. Rig & Equipment, Inc. may be deemed to have the sole power to
vote (and direct the vote of) and to dispose of (and direct the
disposition of) the 2,660,002 shares of Common Stock owned of record
by it. Notwithstanding the foregoing, Oliver, as the sole owner and
control person of U.S. Rig & Equipment, Inc., may be deemed to share
the power to vote (and direct the vote of) and to dispose of (and
direct the disposition of) the 2,660,002 shares of Common Stock owned
of record by U.S. Rig & Equipment, Inc. Mr. Oliver expressly
disclaims beneficial ownership of all such shares.
(12) Oliver may be deemed to have the sole power to vote (and direct the
vote of) and to dispose of (and direct the disposition of) the
12,127,736 shares owned of record by Oliver and the 27,876 shares
owned by the minor children of Oliver. As the sole owner and control
person of U.S. Rig & Equipment, Inc., Oliver may be deemed to share
the power to vote (and direct the vote of) and to dispose of (and
direct the disposition of) the 2,660,002 shares of Common Stock owned
of record by U.S. Rig & Equipment, Inc. Mr. Oliver expressly
disclaims beneficial ownership of all shares of Common Stock not owned
of record by him.
(13) Norex Drilling Ltd. may be deemed to have the sole power to vote (and
direct the vote of) and to dispose of (and direct the disposition of)
the 17,685,605 shares of Common Stock owned of record by it.
Notwithstanding the foregoing, (A) Norex Industries Inc., as the
control person of Norex Drilling Ltd., and (B) each of Siem (as the
Chairman of the Board, Director and Vice President of Norex Drilling
Ltd., the Chairman of the Board, Director and CEO of Norex Industries
Inc.) and Capstick (as a Director and the President of Norex Drilling
Ltd. and the President of Norex Industries Inc.) may be deemed to
share the power to vote (and direct the vote of) and to dispose of
(and direct the disposition of) the 17,685,605 shares of Common Stock
owned of record by Norex Drilling Ltd. Each of Siem and Capstick and
each of the other individuals listed on Annexes A-D attached to the
Initial Statement expressly disclaims beneficial ownership of any
shares of Common Stock covered by the Initial Statement, the
Amendment, and this Amendment Number Two.
(14) Each shareholder proposing to sell shares of Common Stock in the
proposed public Offering by the Company has executed a Custody
Agreement and Power of Attorney to sell shares of Common Stock in the
public offering.
(15) See the table in Item 4 for the number of shares of Common Stock to be
offered for sale by the Reporting Person in the proposed public
offering by the Company.
(b) With respect to each person named in response to
paragraph (a) of this Item 5 of Schedule 13D, set forth below are the number of
shares of Common Stock as to which there is sole
-21-
<PAGE> 22
power to vote or to direct the vote, shared power to vote or direct the vote,
and sole or shared power to dispose or direct the disposition:
See the footnotes to the table in Item 5(a).
(c) No change, except that the following paragraphs are added
to describe transactions in the Common Stock that were effected during the past
sixty days by the persons named in paragraph (a) of this Item 5.
MMEER has effected several transactions involving the Common
Stock during the past sixty days. On September 11, 1997, MMEER sold 50,000
shares at $6.6875 per share, 15,000 shares at $6.625 per share, and 500 shares
at $6.75 per share. On September 12, 1997, MMEER sold 4,300 shares at $6.9375
per share and 120,400 shares at $6.875 per share. On September 15, 1997, MMEER
sold 8,400 shares at $6.875 per share, 197,300 shares at $7.00 per share, 2,700
shares at $7.0625 per share, and 1,400 shares at $6.9375 per share. On
September 17, 1997, MMEER sold 284,200 shares at $8.00 per share, 50,800 shares
at $8.0625 per share, and 19,800 shares at $7.9375 per share. On September 18,
1997, MMEER sold 9,700 shares at $8.25 per share. All sales were made on the
open market. Mullen is the sole control person of MMEER and as such,
transactions by MMEER may be considered indirect transactions by Mullen.
GCT has effected numerous transactions involving the Common
Stock within the past sixty days. On September 2, 1997, GCT sold 4,900 shares
at $6.375 per share, 500 shares at $6.4375 per share, 6,500 shares at $6.50 per
share, 19,800 shares at $6.5625 per share, and 1,100 shares at $6.625 per
share. On September 3, 1997, GCT sold 20,200 shares at $6.75 per share. On
September 4, 1997, GCT sold 91,900 shares at $6.75 per share and 700 shares at
$6.375 per share. On September 8, 1997, GCT sold 219,100 shares at $6.25 per
share. On September 9, 1997, GCT sold 46,900 shares at $6.3125 per share and
82,700 shares at $6.25 per share. On September 10, 1997, GCT sold 297,000
shares at $6.3125 per share, 14,700 shares at $6.50 per share, 37,400 shares at
$6.4375 per share, and 3,000 shares at $6.375 per share. On September 11,
1997, GCT sold 211,800 shares at $6.6875 per share and 500 shares at $6.75 per
share. On September 12, 1997, GCT sold 2,500 shares at $6.875 per share, 700
shares at $6.9375 per share, and 85,500 shares at $6.875 per share. On
September 16, 1997, GCT sold 183,600 shares at $7.50 per share, 74,400 shares
at $7.5625 per share, and 42,000 shares at $7.625 per share. On September 18,
1997, GCT sold 9,800 shares at $8.25 per share and 166,391 shares at $8.1875
per share. All sales were made on the open market. Mullen is the sole control
person of GCT and as such, transactions by GCT may be considered indirect
transactions by Mullen.
During the past sixty days, LPO has effected several
transactions involving the Common Stock. On September 2, 1997, LPO sold 1,381
shares at $6.375 per share. On September 3, 1997, LPO sold 200,111 shares at
$6.2825 per share and 29,300 shares at $6.375 per share. On September 4, 1997,
LPO sold 32,400 shares at $6.375 per share and 43,400 shares at $6.3125 per
share. On September 9, 1997, LPO sold 79,600 shares at $6.25 per share and
147,000 shares at $6.3125 per share. On September 10, 1997, LPO sold 31,600
shares at $6.3125 per share and 91,400 shares at $6.25 per share, liquidating
all of LPO's holdings in the Company. All sales were made
-22-
<PAGE> 23
on the open market. Mullen and Oliver are control persons of LPO and as such,
transactions by LPO may be considered indirect transactions by Mullen and
Oliver.
On September 15, 1997 Somerset Capital Partners pledged the
5,461,755 shares of Common Stock owned of record by it in favor of M&T Bank to
secure a $715,000 loan made by M&T Bank to Somerset Capital Partners.
(d) Not applicable.
(e) No change, except that the following paragraph is added.
On September 18, 1997, Mullen ceased to be the beneficial
owner of more than five percent of the shares of Common Stock of the Company
and, consequently, Mullen, MMEER, and GCT are no longer Reporting Persons.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
No change, except the following paragraphs are added.
The Shareholders' Agreement was terminated by the Second
Amendment. Under the Second Amendment, Somerset, SCP, Oliver, USRE, EER, GCT,
Mullen, Norex Drilling and Pronor, each thereby agreed that all the agreements,
obligations, rights, representations, warranties, covenants and other
provisions of the Shareholders' Agreement were terminated in their entirety and
henceforth would be of no force and effect.
On September 15, 1997 Somerset Capital Partners pledged the
5,461,755 shares of Common Stock owned of record by it in favor of M&T Bank to
secure a $715,000 loan made by M&T Bank to Somerset Capital Partners. The loan
documentation, inclusive of a pledge agreement with respect to such shares of
Common Stock, contains standard default provisions.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
I. Second Amendment to Shareholders' Agreement referred to in the
Introduction and Items 5 and 6.
-23-
<PAGE> 24
SIGNATURE
After reasonable inquiry and to the best knowledge and belief
of the undersigned, each of the undersigned hereby certifies that the
information set forth in this statement is true, complete and correct.
SOMERSET GROUP:
Dated: October 30, 1997 SOMERSET DRILLING ASSOCIATES, L.L.C.
------------------------
By: Somerset Capital Partners, its Managing
Member
By: /s/ WILLIAM R. ZIEGLER
--------------------------------------
William R. Ziegler, Partner
Dated: October 30, 1997 SOMERSET CAPITAL PARTNERS
------------------------
By: /s/ WILLIAM R. ZIEGLER
--------------------------------------
William R. Ziegler, Partner
Dated: October 30, 1997 /s/ THOMAS H. O'NEILL, JR.
------------------------ ------------------------------------------
Thomas H. O'Neill, Jr., Individually
Dated: October 31, 1997 /s/ STEVEN A. WEBSTER
------------------------ ------------------------------------------
Steven A. Webster, Individually
Dated: October 30, 1997 /s/ WILLIAM R. ZIEGLER
------------------------ ------------------------------------------
William R. Ziegler, Individually
-24-
<PAGE> 25
MULLEN/OLIVER GROUP:
Dated: October 30, 1997 U.S. RIG AND EQUIPMENT, INC.
-----------------------
By: /s/ ROY T. OLIVER PRES.
---------------------------------
Name: Roy T. Oliver, Jr.
Title: President
Dated: October 31, 1997 MIKE MULLEN ENERGY EQUIPMENT
-----------------------
RESOURCE, INC.
By: /s/ MIKE L. MULLEN
---------------------------------
Name: Mike L. Mullen
Title: President
Dated: October 31, 1997 GCT INVESTMENTS, INC.
-----------------------
By: /s/ MIKE L. MULLEN
----------------------------------
Name: Mike L. Mullen
Title: President
Dated: October 30, 1997 /s/ ROY T. OLIVER, JR.
----------------------- -------------------------------------
Roy T. Oliver, Jr., Individually
Dated: October 31, 1997 /s/ MIKE L. MULLEN
----------------------- -------------------------------------
Mike L. Mullen, Individually
-25-
<PAGE> 26
DRILLING GROUP:
Dated: October 30, 1997 NOREZ DRILLING LTD.
----------------------
By: /s/ FRANK CAPSTICK
--------------------------------
Name: Frank Capstick
Title: President
Dated: October 30, 1997
---------------------- NOREX INDUSTRIES INC.
By: /s/ FRANK CAPSTICK
--------------------------------
Name: Frank Capstick
Title: President
Dated: October 30, 1997 /s/ KRISTIAN SIEM
---------------------- --------------------------------
Kristian Siem, Individually
Dated: October 30, 1997 /s/ FRANK CAPSTICK
---------------------- --------------------------------
Frank Capstick, Individually
-26-
<PAGE> 27
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description
- ------- -----------
<S> <C>
I Second Amendment to Shareholders' Agreement executed by each
of Somerset Drilling Associates, L.L.C., Somerset Capital
Partners, Roy T. Oliver, Jr., U.S. Rig and Equipment, Inc.,
Mike Mullen Energy Equipment Resource, Inc., GCT Investments,
Inc., Mike L. Mullen, Norex Drilling Ltd., and Pronor Holdings
Ltd. on September 30, 1997.
</TABLE>
-27-
<PAGE> 1
EXHIBIT I
SECOND AMENDMENT TO SHAREHOLDERS' AGREEMENT
This Second Amendment to Shareholders' Agreement (this "Second
Amendment") is made as of September 30, 1997 by and among Somerset Drilling
Associates, L.L.C., a Delaware limited liability company ("Somerset"), Somerset
Capital Partners, a New York general partnership and the Managing Member of
Somerset ("SCP"), Roy T. Oliver, Jr., a natural person ("Oliver"), U.S. Rig and
Equipment, Inc., an Oklahoma corporation ("USRE"), Mike Mullen Energy Equipment
Resource, Inc., a Texas corporation ("EER"), GCT Investments, Inc., a Texas
corporation ("GCT"), Mike L. Mullen, a natural person ("Mullen"), Norex
Drilling Ltd., a Bermuda corporation ("Norex Drilling"), and Pronor Holdings
Ltd., a British Virgin Islands corporation ("Pronor").
WHEREAS, Somerset, SCP, Oliver, USRE, EER, GCT, Mullen, Norex Drilling
and Pronor (collectively, the "Shareholders") are parties to the Shareholders'
Agreement (the "Agreement") dated as of May 7, 1996, as amended by the
Amendment to Shareholders' Agreement dated as of June 11, 1996; and
WHEREAS, the Shareholders desire to terminate the provisions of the
Agreement.
NOW, THEREFORE, each of the Shareholders hereby agrees and amends the
Agreement such that all the agreements, obligations, rights, representations,
warranties, covenants and other provisions of the Shareholders' Agreement are
terminated in their entirety and henceforth shall be of no force and effect.
EXECUTED to be effective as of the date set forth above.
SOMERSET DRILLING ASSOCIATES, L.L.C.
By: /s/ WILLIAM R. ZIEGLER
------------------------------------------
Name: William R. Ziegler
----------------------------------------
Title: Partner of SCP, Managing Member
----------------------------------------
SOMERSET CAPITAL PARTNERS
By: /s/ William R. Ziegler
-------------------------------------------
Name: William R. Ziegler
-----------------------------------------
Title: Partner
----------------------------------------
(SIGNATURES CONTINUED ON FOLLOWING PAGE)
-28-
<PAGE> 2
ROY T. OLIVER, JR.
By: /s/ ROY T. OLIVER, JR.
------------------------------------
Name: Roy T. Oliver, Jr.
----------------------------------
U.S. RIG AND EQUIPMENT, INC.
By: /s/ ROY T. OLIVER, JR.
------------------------------------
Name: Roy T. Oliver, Jr.
----------------------------------
Title: President
---------------------------------
MIKE MULLEN ENERGY EQUIPMENT
RESOURCE, INC.
By: /s/ MIKE MULLEN
------------------------------------
Name: Mike Mullen
----------------------------------
Title: President
---------------------------------
GCT INVESTMENTS, INC.
By: /s/ MIKE MULLEN
------------------------------------
Name: Mike Mullen
----------------------------------
Title: President
---------------------------------
MIKE L. MULLEN
By: /s/ MIKE L. MULLEN
------------------------------------
Name: Mike L. Mullen
----------------------------------
NOREX DRILLING LTD.
By: /s/ FRANK CAPSTICK
------------------------------------
Name: Frank Capstick
----------------------------------
Title: President
---------------------------------
(SIGNATURES CONTINUED ON FOLLOWING PAGE)
-29-
<PAGE> 3
PRONOR HOLDINGS LTD.
By: /s/ FRANK CAPSTICK
------------------------------------
Name: Frank Capstick
----------------------------------
Title: President
---------------------------------
-30-
