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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-C
REPORT BY ISSUER OF SECURITIES QUOTED ON NASDAQ
INTERDEALER QUOTATION SYSTEM
FILED PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 AND RULE 13a-17
OR 15d-17 THEREUNDER
Cliffs Drilling Company
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(Exact name of issuer as specified in charter)
1200 Smith Street, Suite 300, Houston, Texas 77002
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(Address of principal executive offices)
Issuer's telephone number, including area code (713) 651-9426
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I. CHANGE IN NUMBER OF SHARES OUTSTANDING
Indicate any change (increase or decrease) of 5% or more in the number
of shares outstanding:
1. Title of security: Common Stock
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2. Number of shares outstanding before the change: 4,115,163
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3. Number of shares outstanding after the change: 6,228,720
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4. Effective date of change: January 17, 1996
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5. Method of change: Conversion of $2.3125 Convertible Exchangeable Preferred
Stock ("Preferred Stock") into Common Stock
Specify method (such as merger, acquisition, exchange, distribution,
stock split, reverse split, acquisition of stock for treasury, etc.):
Issuance of 2,113,557 shares of Common Stock upon
conversion of Preferred Stock
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Give brief description of transaction:
Conversion of Preferred Stock into Common Stock at the
election of the stockholder prior to redemption of preferred
stock by the Company on January 17, 1996
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II. CHANGE IN NAME OF ISSUER
1. Name prior to change: N/A
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2. Name after change: N/A
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3. Effective date of charter amendment changing name: N/A
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4. Date of shareholder approval of change, if required: N/A
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CLIFFS DRILLING COMPANY
Date January 24, 1996 /s/ James E. Mitchell, Jr.
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James E. Mitchell, Jr.
Secretary
