CLIFFS DRILLING CO
SC 13G/A, 1996-02-14
DRILLING OIL & GAS WELLS
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                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                 SCHEDULE 13G

                   Under the Securities Exchange Act of 1934
                          (Amendment No.    1     )*
                                        ----------

                               Cliffs Drilling Co.
             -----------------------------------------------------
                                (Name of Issuer)


                             Common Stock - Equity
             -----------------------------------------------------
                         (Title of Class of Securities)

                                    18682C10
             -----------------------------------------------------
                                 (CUSIP Number)



Check the following box if a fee is  being paid with this statement [X].
(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. 18682C10                    13G                   
                                                              Page 1 of 10 Pages


- --------------------------------------------------------------------------------
   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
       

- --------------------------------------------------------------------------------
   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                             (a)  [X]
                                                             (b)  [ ]


- --------------------------------------------------------------------------------
   3   SEC USE ONLY




- --------------------------------------------------------------------------------
   4   CITIZENSHIP OR PLACE OF ORGANIZATION

       201 Park Avenue South
       New York, New York  10003


- --------------------------------------------------------------------------------
   NUMBER OF      5    SOLE VOTING POWER
     SHARES            195,600
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6    SHARED VOTING POWER
      EACH             58,000 (See pages 5 and 6)
   REPORTING      --------------------------------------------------------------
     PERSON       7    SOLE DISPOSITIVE POWER
      WITH             195,600
                  --------------------------------------------------------------
                  8    SHARED DISPOSITIVE POWER
                       58,000 (See pages 5 and 6)

- --------------------------------------------------------------------------------
   9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       303,600 (195,600 + 20,800 + 29,200 + 36,000 + 22,000)

- --------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*



- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

       7.38%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON*

       IC


- --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>

CUSIP No. 18682C10                   13G                   
                                                              Page 2 of 10 Pages


- --------------------------------------------------------------------------------
   1   NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

       Guardian Investor Services Corporation

- --------------------------------------------------------------------------------
   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                             (a)  [X]
                                                             (b)  [ ]


- --------------------------------------------------------------------------------
   3   SEC USE ONLY




- --------------------------------------------------------------------------------
   4   CITIZENSHIP OR PLACE OF ORGANIZATION

       201 Park Avenue South
       New York, New York  10003


- --------------------------------------------------------------------------------
   NUMBER OF      5    SOLE VOTING POWER
     SHARES            
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6    SHARED VOTING POWER
      EACH             50,000 (See pages 3 and 4)
   REPORTING      --------------------------------------------------------------
     PERSON       7    SOLE DISPOSITIVE POWER
      WITH             
                  --------------------------------------------------------------
                  8    SHARED DISPOSITIVE POWER
                       50,000 (See pages 3 and 4)

- --------------------------------------------------------------------------------
   9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       303,600 (195,600 + 20,800 + 29,200 + 36,000 + 22,000)

- --------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*



- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

       7.38%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON*

       IA


- --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>

CUSIP No. 18682C10                   13G                  
                                                              Page 3 of 10 Pages



- --------------------------------------------------------------------------------
   1   NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

       The Guardian Park Ave. Fund

- --------------------------------------------------------------------------------
   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                             (a)  [X]
                                                             (b)  [ ]


- --------------------------------------------------------------------------------
   3   SEC USE ONLY




- --------------------------------------------------------------------------------
   4   CITIZENSHIP OR PLACE OF ORGANIZATION

       201 Park Avenue South
       New York, New York  10003


- --------------------------------------------------------------------------------
   NUMBER OF      5    SOLE VOTING POWER
     SHARES            
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6    SHARED VOTING POWER
      EACH             20,800 (See page 2)
   REPORTING      --------------------------------------------------------------
     PERSON       7    SOLE DISPOSITIVE POWER
      WITH             
                  --------------------------------------------------------------
                  8    SHARED DISPOSITIVE POWER
                       20,800 (See page 2)

- --------------------------------------------------------------------------------
   9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       303,600 (195,600 + 20,800 + 29,200 + 36,000 + 22,000)

- --------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*



- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

       7.38%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON*

       IV


- --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!

<PAGE>

CUSIP No. 18682C10                   13G                    
                                                              Page 4 of 10 Pages



- --------------------------------------------------------------------------------
   1   NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

       The Guardian Stock Fund, Inc.

- --------------------------------------------------------------------------------
   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                             (a)  [X]
                                                             (b)  [ ]


- --------------------------------------------------------------------------------
   3   SEC USE ONLY




- --------------------------------------------------------------------------------
   4   CITIZENSHIP OR PLACE OF ORGANIZATION

       201 Park Avenue South
       New York, New York  10003


- --------------------------------------------------------------------------------
   NUMBER OF      5    SOLE VOTING POWER
     SHARES            
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6    SHARED VOTING POWER
      EACH             29,200 (See page 2)
   REPORTING      --------------------------------------------------------------
     PERSON       7    SOLE DISPOSITIVE POWER
      WITH             
                  --------------------------------------------------------------
                  8    SHARED DISPOSITIVE POWER
                       29,200 (See page 2)

- --------------------------------------------------------------------------------
   9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       303,600 (195,600 + 20,800 + 29,200 + 36,000 + 22,000)

- --------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*



- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

       7.38%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON*

       IV


- --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

CUSIP No. 18682C10                   13G                    
                                                              Page 5 of 10 Pages



- --------------------------------------------------------------------------------
   1   NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

       The Guardian Employees' Incentive Savings Plan

- --------------------------------------------------------------------------------
   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                             (a)  [X]
                                                             (b)  [ ]


- --------------------------------------------------------------------------------
   3   SEC USE ONLY




- --------------------------------------------------------------------------------
   4   CITIZENSHIP OR PLACE OF ORGANIZATION

       201 Park Avenue South
       New York, New York  10003


- --------------------------------------------------------------------------------
   NUMBER OF      5    SOLE VOTING POWER
     SHARES            
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6    SHARED VOTING POWER
      EACH             36,000 (See page 1)
   REPORTING      --------------------------------------------------------------
     PERSON       7    SOLE DISPOSITIVE POWER
      WITH             
                  --------------------------------------------------------------
                  8    SHARED DISPOSITIVE POWER
                       36,000 (See page 1)

- --------------------------------------------------------------------------------
   9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       303,600 (195,600 + 20,800 + 29,200 + 36,000 + 22,000)

- --------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*



- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

       7.38%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON*

       EP


- --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


<PAGE>

CUSIP No. 18682C10                   13G                    
                                                              Page 6 of 10 Pages



- --------------------------------------------------------------------------------
   1   NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

       The Guardian Life Insurance Company of America
          Master Pension Trust

- --------------------------------------------------------------------------------
   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                             (a)  [X]
                                                             (b)  [ ]


- --------------------------------------------------------------------------------
   3   SEC USE ONLY




- --------------------------------------------------------------------------------
   4   CITIZENSHIP OR PLACE OF ORGANIZATION

       201 Park Avenue South
       New York, New York  10003


- --------------------------------------------------------------------------------
   NUMBER OF      5    SOLE VOTING POWER
     SHARES            
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6    SHARED VOTING POWER
      EACH             22,000 (See page 1)
   REPORTING      --------------------------------------------------------------
     PERSON       7    SOLE DISPOSITIVE POWER
      WITH             
                  --------------------------------------------------------------
                  8    SHARED DISPOSITIVE POWER
                       22,000 (See page 1)

- --------------------------------------------------------------------------------
   9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       303,600 (195,600 + 20,800 + 29,200 + 36,000 + 22,000)

- --------------------------------------------------------------------------------
  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*



- --------------------------------------------------------------------------------
  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

       7.38%

- --------------------------------------------------------------------------------
  12   TYPE OF REPORTING PERSON*

       EP


- --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!




<PAGE>
                                                              Page 7 of 10 Pages


Item 1.     (a)   Cliffs Drilling Co.

            (b)   300 Citicorp Center, Houston, Texas 77002


Item 2.     (a)   Incorporated by reference to Item 1 of the second parts
                  of the cover page (Pages 1-6 of this Schedule 13G).

            (b)   201 Park Avenue South, New York, New York 10003


            (c)   New York, U.S.A.


            (d)   Common Stock Class A


            (e)   CUSIP 18682C10


Item 3.     If this statement  is filed  pursuant to Rules  13d-1(b), or  
            13d-2(b), check whether the person filing is a:

            (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)

            (h)   [X]   Group, in accordance with Reg. 240.13d-1(b)(1)(ii)(H)


<PAGE>
                                                              Page 8 of 10 Pages


Item 4.     Ownership.

            (a)    303,600 shares)
                                 )
            (b)    7.38%         ) Cumulative totals from Items 5-8, 9 and
                                 ) 11 of the second parts of the cover page
            (c)  (i) 195,600     ) (Pages 1-6 of this Schedule 13G) which
                (ii) 108,000     ) are incorporated herein by reference.
               (iii) 195,600     )
                (iv) 108,000


Item 5.     Ownership of Five Percent or Less of a Class.

            Not Applicable

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.

b.   Guardian Investor Services Corporation ("GISC"), a wholly-owned subsidiary
     of Guardian Life which is registered as an investment adviser under Section
     203 of the Investment Advisers Act of 1940, and which has entered into
     Investment Advisory Agreements with The Guardian Park Ave. Fund, Inc. and
     The Guardian Stock Fund, Inc. IA

c.   The Guardian Park Avenue Fund, a mutual fund sponsored by Guardian Life and
     managed by GISC which is registered as an investment company under
     Section 8 of the Investment Company Act of 1940 (the "1940 Act"). IV.

d.   The Guardian Stock Fund, Inc., a mutual fund sponsored by Guardian Life and
     managed GISC which is registrated as an investment company under
     Section 8 of the 1940 Act. IV.

e.   The Guardian Employees' Incentive Savings Plan, an employee benefit plan
     offered to employees of Guardian Life which is subject to the provisions of
     the Employees Retirement Income Security Act of 1974 ("ERISA") EP.

f.   The Guardian Life Insurance Company of America Master Pension Trust, a
     pension fund for the the employees of Guardian Life which is subject
     to ERISA. EP.


<PAGE>
                                                              Page 9 of 10 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 10 of 10 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 14, 1996


The Guardian Life Insurance Company of America

By:   /S/ Edward K. Kane
   ---------------------------------------------
     Edward K. Kane, Senior Vice President


Guardian Investor Services Corporation

By:   /S/ Edward K. Kane
   ---------------------------------------------
     Edward K. Kane, Senior Vice President


The Guardian Park Avenue Fund

By:   /S/ Nikolaos Monoyios
   ---------------------------------------------
     Nikolaos Monoyios, Vice President


The Guardian Stock Fund, Inc.

By:   /S/ Nikolaos Monoyios
   ---------------------------------------------
     Nikolaos Monoyios, Vice President


The Guardian Employees' Incentive Savings Plan

By:   Edward K. Kane   
   ---------------------------------------------
     Edward K. Kane, Trustee



The Guardian Life Insurance Company of America
     Master Pension Trust

By:  Edward K. Kane
   ---------------------------------------------
     Edward K. Kane, Trustee




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