<PAGE> 1
===============================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 9, 1994
CLIFFS DRILLING COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE 0-16703 76-0248934
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification Number)
300 CITICORP CENTER 77002
HOUSTON, TX (Zip Code)
(Address of principal
executive offices)
(713) 651-9426
(Registrant's telephone number, including area code)
================================================================================
<PAGE> 2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CLIFFS DRILLING COMPANY
-------------------------------
(Registrant)
/s/ Cindy B. Taylor
-------------------------------
By: Cindy B. Taylor
Corporate Controller
Date: February 14, 1994
<PAGE> 3
EXHIBIT I
{Cliffs Drilling Company Letterhead}
NEWS RELEASE
----------------------------------
DATE: February 9, 1994
CONTACT: EDWARD A. GUTHRIE
VICE PRESIDENT - FINANCE
PHONE: (713) 651-9426
- ------------------------------------------------------------------------------
Houston, Texas, (February 8, 1994) -- Cliffs Drilling Company
(NASDAQ:CLDR) today announced that a judgment has been entered in the U.S.
District Court for the Southern District of Texas - Houston Division following
a trial of the issues in a dispute between the Company and Diamond M - Odeco
Offshore, Inc. regarding the condition at redelivery of three offshore drilling
rigs chartered to the Company for two years in conjunction with a sale in 1989
of those rigs by the Company to Diamond M. The judgment awards Diamond M $1.7
million, plus court costs. The total damages due Diamond M of $3.5 million are
offset by a partial summary judgment previously rendered in favor of Cliffs
Drilling in the amount of $1.8 million relating to notes due the Company from
Diamond M. The Company is reviewing the judgment to determine whether or not an
appeal or other action should be taken. If the judgment is satisfied by the
Company at this time, it would negatively impact earnings in 1993 by
approximately $3.5 million or $0.78 per share.
Cliffs Drilling Company is an international oil service and engineering
company engaged in providing engineering services, contract drilling equipment
and mobile offshore production units in the Texas/Louisiana Gulf Coast Region
and internationally.
* * * * *
