<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1 TO
SCHEDULE 13D
Under the Securities Exchange Act of 1934
CLIFFS DRILLING COMPANY
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
00018682C1
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(CUSIP NUMBER)
CAMBRIDGE INVESTMENTS, LTD.
600 Montgomery Street
27th Floor
San Francisco, California 94111
Tel. No.: (415) 627-3017
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
- with copies to -
Michael G. Tannenbaum, Esq.
Newman Tannenbaum Helpern Syracuse & Hirschtritt LLP
900 Third Avenue - 13th Floor
New York, New York 10022
(212) 508-6700
September 4, 1997
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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 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 [ ]
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, as amended ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act.
Page 1 of 6 Pages
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_______________________________________________________________________________
CUSIP No. 00018682C1 SCHEDULE 13D
_______________________________________________________________________________
1 NAME OF REPORTING PERSONS
S.S OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Cambridge Investments, Ltd.
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 SOURCE OF FUNDS*
00
______________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
______________________________________________________________________________
6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S.A.
_______________________________________________________________________________
| |
NUMBER OF | 7 | SOLE VOTING POWER
SHARES | | 1,209,700 shares of Common Stock (See Item 5)
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8 | SHARED VOTING POWER
REPORTING | | 0 shares of Common Stock (See Item 5)
PERSON WITH |_____|________________________________________________________
| |
| 9 | SOLE DISPOSITIVE POWER
| | 1,209,700 shares of Common Stock (See Item 5)
|_____|________________________________________________________
| |
| 10 | SHARED DISPOSITIVE POWER
| | 0 shares of Common Stock (See Item 5)
_______________|_____|_________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,209,700 shares of Common Stock (See Item 5.)
______________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.93% of Common Stock (See Item 5)
______________________________________________________________________________
14 TYPE OF REPORTING PERSON*
IA
______________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 2 of 6 Pages
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AMENDMENT NO. 1 OF SCHEDULE 13D
This Amendment No. 1 to Schedule 13D is being filed on
behalf of Cambridge Investments, Ltd., a California corporation ("Cambridge"
or "CIL"), registered as an investment advisor in the State of California,
regarding shares of Cliffs Drilling Company acquired on behalf of certain of
its clients.
Item 1. Security and Issuer
Securities acquired: Common Stock, $.01 par value
Issuer: Cliffs Drilling Company
1200 Smith Street
Suite 300
Houston, Texas 77002
Tel. No. (713) 651-9426
Item 2. Identity and Background
There is no change in this section.
Item 3. Source and Amount of Funds
Cambridge, through Cambridge Energy Fund International Ltd.
("CEF"), Cambridge Energy, L.P. ("CELP"), Cambridge Oil & Gas, L.P. ("COG"),
Cambridge Oil & Gas International, Ltd. ("COG Int'l"), Palamundo, LDC
("Palamundo"), Quantum Partners, LDC ("QUE"), (collectively, the "Funds"), has
invested approximately $30,655,543.00 in Common Stock of the Issuer as
described in Item 5 below. CEF, CELP, COG, COG Int'l, Palamundo, and QP, have
invested approximately $9,765,908.66, $8,148,801.91, $3,513,552.50,
$2,976,866.20, $557,470.84, $5,692,942.79, respectively. The source of these
funds was the respective working capital of each of the Funds.
Item 4. Purpose of the Transaction
There is no change in this section.
Item 5. Interest in Securities of the Issuer
(a) As of October 7, 1997, Cambridge is the beneficial owner
of 1,209,700 shares of Common Stock, or 7.93% of the shares outstanding. Of
the shares of Common Stock described above, (i) 462,166 are deemed
beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of CEF; (ii) 444,190 are deemed
Page 3 of 6 Pages
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beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of CELP; (iii) 106,470 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account
of COG; (iv) 54,830 are deemed beneficially owned by Cambridge in its capacity
as investment advisor for the institutional account of COG Int'l; (v) 18,244
are deemed beneficially owned by Cambridge in its capacity as investment
advisor for the institutional account of Palamundo; and (vi) 123,800 are
deemed beneficially owned by Cambridge in its capacity as investment advisor
for the institutional account of QUE.
The number of shares beneficially owned by Cambridge, and
the percentage of outstanding shares represented thereby, have been computed
in accordance with Rule 13d-3 under the Act. The percentage of ownership of
Cambridge on October 7, 1997 is based on an aggregate of 15,251,579 shares of
Common Stock outstanding based upon the Issuer's 10-Q for the quarter ended
June 30, 1997.
(b) Cambridge has the sole power to vote and dispose of
shares of the Common Stock held for the institutional accounts of CEF, CELP,
COG, COG Int'l, Palamundo, and QUE.
(c) The transactions in the Issuer's securities by Cambridge
during the last 60 days are listed as Annex A attached hereto and made apart
hereof.
(d) CEF, CELP, COG, COG Int'l, Palamundo, and QUE, have the
right to participate in the receipt of dividends and/or proceeds from the sale
of securities held on behalf of such funds.
(e) There is no change in this subsection.
Item 6. Contracts, Arrangement, Understandings or Relationships
with Respect to Securities of the Issuer
There is no change in this section.
Item 7. Material to be Filed as Exhibits
There is no change in this section.
Page 4 of 6 Pages
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CDG
<TABLE>
<CAPTION>
================================================================================================================================
DATE TRANS SHARES PRICE ACCOUNT
(A/D) ($)
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
08/14/97 D (18,000) 45.8333 JRT
- --------------------------------------------------------------------------------------------------------------------------------
08/14/97 A 18,000 43.0000 JRT
- --------------------------------------------------------------------------------------------------------------------------------
09/03/97 A 13,500 48.0759 COGI
- --------------------------------------------------------------------------------------------------------------------------------
09/03/97 A 29,500 48.0759 QUE
- --------------------------------------------------------------------------------------------------------------------------------
09/04/97 A 5,600 48.3546 COG
- --------------------------------------------------------------------------------------------------------------------------------
09/04/97 A 2,800 48.3546 COGI
- --------------------------------------------------------------------------------------------------------------------------------
09/04/97 A 6,300 48.354 QUE
- --------------------------------------------------------------------------------------------------------------------------------
10/01/97 D (8,000) 69.875 CEF
- --------------------------------------------------------------------------------------------------------------------------------
10/01/97 D (7,600) 69.875 CELP
- --------------------------------------------------------------------------------------------------------------------------------
10/01/97 A 4,500 69.8750 COG
- --------------------------------------------------------------------------------------------------------------------------------
10/01/97 A 13,600 69.8750 COGI
- --------------------------------------------------------------------------------------------------------------------------------
10/01/97 D (300) 69.8750 PAL
- --------------------------------------------------------------------------------------------------------------------------------
10/01/97 D (2,200) 69.8750 QUE
- --------------------------------------------------------------------------------------------------------------------------------
10/02/97 D (2,700) 70.125 CEF
- --------------------------------------------------------------------------------------------------------------------------------
10/02/97 D (2,650) 70.125 CELP
- --------------------------------------------------------------------------------------------------------------------------------
10/02/97 A 6,300 70.1250 COGI
- --------------------------------------------------------------------------------------------------------------------------------
10/02/97 D (150) 70.125 PAL
- --------------------------------------------------------------------------------------------------------------------------------
10/02/97 D (800) 70.125 QUE
================================================================================================================================
</TABLE>
Page 5 of 6 Pages
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Signatures
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: October 7, 1997
CAMBRIDGE INVESTMENTS, LTD.
By: /s/ Jocelyn Weingart
------------------------
Jocelyn Weingart,
Vice President
Page 6 of 6 Pages
