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OMB APPROVAL
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OMB Number 3235-0145
Expires: August 31, 1991
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hours per response .....14.90
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. ___1___)*
GREY WOLF, INC.
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(Name of Issuer)
Common Stock, Par Value $0.10 Per Share
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(Title of Class of Securities)
397888-10-8
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(CUSIP Number)
c/o Frank Capstick, Siem Drilling Ltd.
P.O. Box HM 429, Hamilton HM BX, Bermuda
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
4 November 1998
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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 that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box [_].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) 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 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).
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CUSIP No. 397888-10-8 13D Page 2 of 8 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SIEM DRILLING LTD. (Formerly, Norex Drilling Ltd.)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
________________________________________________________________________________
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 ---
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
3,499,205
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ---
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
3,499,205
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,499,205
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 3
CUSIP No. 397888-10-8 13D Page 3 of 8 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SIEM INDUSTRIES INC. (Formerly, Norex Industries Inc.)
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
________________________________________________________________________________
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, BRITISH WEST INDIES
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF ---
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
3,499,205
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ---
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
3,499,205
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,499,205
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 4
CUSIP No. 397888-10-8 13D Page 4 of 8 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
KRISTIAN SIEM
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
________________________________________________________________________________
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 ---
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
3,499,205
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ---
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
3,499,205
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,499,205
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 5
CUSIP No. 397888-10-8 13D Page 5 of 8 Pages
________________________________________________________________________________
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
FRANK CAPSTICK
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS*
________________________________________________________________________________
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 ---
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
3,499,205
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING ---
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
3,499,205
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,499,205
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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ITEM 1. SECURITY AND ISSUER.
This Statement relates to the common stock, $0.10 par value per share
(the "Common Stock"), of Grey Wolf, Inc., a Texas corporation, whose principal
offices are located at 10370 Richmond Avenue, Suite 600, Houston, Texas 77042
(the "Company").
ITEM 2. IDENTITY AND BACKGROUND.
The reporting persons include Norex Drilling Ltd. which changed its
name to Siem Drilling Ltd. in June 1998 ("SDL"), Norex Industries Inc. which
changed its name to Siem Industries Inc. in May 1998 ("SIM"), Kristian Siem, an
individual ("Siem"), and Frank Capstick, an individual ("Capstick")
(collectively, the "Reporting Persons").
SDL is a Bermuda corporation whose principal business consists of
investments made in various oil and gas companies in accordance with the
instructions received from SIM, its sole shareholder. The address of the
principal business and office of SDL is Cedar House, 41 Cedar Avenue, Hamilton,
HM-12, Bermuda. The directors and executive officers of SDL are listed in
Exhibit A attached hereto. SIM is considered the control person of SDL.
SIM, a Cayman Islands company, is an industrial holding company with
investments in autonomous subsidiaries engaged in the international offshore
oil and gas drilling and service industries, the onshore oil and gas drilling
industry and the cruise industry. SIM is a public company traded on the Oslo
Stock Exchange (OSE Symbol: SIM). SIM is the sole shareholder of SDL capital
stock. The address of the office in the Cayman Islands is c/o Maples and
Calder, South Church Street, Grand Cayman, Cayman Islands, British West Indies
and the mailing address of the principal business and executive office in
Bermuda is P.O. Box HM429, Hamilton, HM BX, Bermuda. The directors and
executive officers of SIM are listed in Exhibit A attached hereto.
Other control persons may be deemed to include Siem and Capstick. Siem,
the chairman of the board and vice-president of NDL and the chairman of the
board and chief executive officer of NXA, is a natural person who lives at 30
Hyde Park Gate, London, England. Siem's principal occupation is chairman and
chief executive officer of NXA. Siem is a citizen of Norway. Capstick, a
director and president of NDL and a director and president of NXA, is a natural
person who lives at 11 Grove, Townhill Road, Smiths Parish, Bermuda. Capstick's
principal occupation is president of NDL and NXA. Capstick is a citizen of
Bermuda.
ITEM 4. PURPOSE OF TRANSACTION.
SDL sold 10,000,000 shares of Common Stock in a block trade arranged by
Jefferies & Company, Inc. for settlement 4 November 1998 for USD1.19 per share
which approximated the closing market price on the trade date. Further, SDL has
sold an additional 1,427,400 shares of Common Stock in various broker
transactions at market prices commencing 1 September 1998. The purpose of the
transaction was to generate
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working capital for other transactions contemplated by the SIM. Earlier
attempts to establish a bank line of credit by pledging the Common Shares as
collateral were not successful since the market price was below a minimum
required market price of USD5.00 per share.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Following the settlement of the above transaction, SDL's holdings were
reduced to 3,499,205 shares of Common Stock, or approximately 2.1% of the
outstanding shares.
Other than the sales of Common Stock mentioned in this Item 5, no
Reporting Persons nor to their knowledge, any of the persons named in Exhibit A
hereto has effected any transactions in shares of Common Stock during the
preceding sixty days.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A: Directors and Executive Officers of SDL and SIM
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SIGNATURES
After reasonable inquiry and to the best extent of my knowledge and
belief, I certify that the information set forth above is true, complete and
correct.
Dated: 13 November 1998 SIEM DRILLING LTD.
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By: /s/ Frank Capstick
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Frank Capstick, President
Dated: 13 November 1998 SIEM INDUSTRIES INC.
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By: /s/ Frank Capstick
----------------------------
Frank Capstick, President
Dated: 13 November 1998 /s/ Kristian Siem
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Kristian Siem, Individually
Dated: 13 November 1998 /s/ Frank Capstick
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Frank Capstick, Individually
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EXHIBIT INDEX
Exhibit A: Directors and Executive Officers of SDL and SIM
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Exhibit A
DIRECTORS AND EXECUTIVE OFFICERS
<TABLE>
<CAPTION>
Name and Business Address Citizenship Position and Occupation
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<S> <C> <C>
Kristian Siem Norway Chairman and Chief Executive Officer
The Hopemount Shipping Co. Ltd. of Siem Industries Inc., Chairman and
1 Derry Street Vice-President of Siem Drilling Ltd.,
London W8X 5NN England Chairman of the Boards of Det
Sondenfjelds-Norske Dampskibsselskab
ASA, NCL Holding ASA and Norwegian
Cruise Line Limited and a director on
the boards of Transocean Offshore
Inc., Invesco Blue Chip Trust plc,
Lambert Fenchurch Group Plc and Ivar
Holdings ASA.
Frank Capstick Bermuda Director and President of Siem
Cedar House Industries Inc. and Director and
41 Cedar Avenue President of Siem Drilling Ltd.
Hamilton, HM-12, Bermuda
Douglas Molyneux Bermuda Director of Siem Drilling Ltd.;
Appleby, Spurling & Kempe attorney and barrister, Appleby,
Cedar House Spurling & Kempe.
41 Cedar Avenue
Hamilton, HM EX, Bermuda
Thor Jorgensen Norway Director of Siem Industries Inc. and
Managing Director of Siem Offshore
AS.
M.D. Moross U.K. Director of Siem Industries Inc. and a
7 Prince's Gate private investor. Mr. Moross is the
London SW7 1QL England father-in-law of Kristian Siem.
Barry W. Ridings U.S. Director of Siem Industries Inc.,
BT Alex. Brown Incorporated Managing Director of BT Alex. Brown
1290 Avenue of Americas Incorporated and a director on the
10th Floor boards of Transcor Waste Services
New York, New York 10104 Inc., SubMicron Systems Corporation,
Noodle Kidoodle, Inc., New Valley
Corporation and Telemundo Group,
Inc., Search Financial Services, Inc.
</TABLE>
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DIRECTORS AND EXECUTIVE OFFICERS, CONT'D
<TABLE>
<CAPTION>
Name and Business Address Citizenship Position and Occupation
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<S> <C> <C>
Carol Summers Bermuda Secretary of Siem Drilling Ltd.
Cedar House
41 Cedar Avenue
Hamilton, HM EX, Bermuda
Michael Delouche U.S. Treasurer of Siem Drilling Ltd. and
801 Travis Street, Suite 2100 Secretary and Controller of Siem
Houston, Texas 77002 Industries Inc.
</TABLE>
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