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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
CLIFFS DRILLING COMPANY
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(Name of Issuer)
Common Stock, $0.01 Par Value
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(Title of Class of Securities)
00018682C1
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(CUSIP NUMBER)
CAMBRIDGE INVESTMENTS LIMITED
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
January 2, 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 [ ]
Check the following box if a fee is being paid with the statement [ ]
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 ("Exchange Act") or otherwise subject to the liabilities of
that section of the Exchange Act but shall be subject to all other provisions of
the Exchange Act.
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CUSIP No. 00018682C1 13D
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1 NAME OF REPORTING PERSONS
S.S OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Cambridge Investments Limited
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S.A.
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NUMBER OF | 7 | SOLE VOTING POWER
SHARES | | 486,800 shares of Common Stock (See Item 5)
BENEFICIALLY | | -----------------------------------------------------
OWNED BY | 8 | SHARED VOTING POWER
EACH | | 0
REPORTING | | -----------------------------------------------------
PERSON WITH | 9 | SOLE DISPOSITIVE POWER
| | 486,800 shares of Common Stock (See Item 5.)
| | -----------------------------------------------------
| 10 | SHARED DISPOSITIVE POWER
| | 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
486,800 shares of Common Stock (See Item 5.)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5% of Common Stock (See Item 5)
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14 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 2 of 8 Pages
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SCHEDULE 13D
This Schedule 13D is being filed on behalf of Cambridge
Investments Limited, a California corporation, 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, $0.01 par value
Issuer: Cliffs Drilling Company
1200 Smith Street, Suite 300
Houston, Texas 77002
Tel. No. (713) 651-9426
Item 2. Identity and Background
Cambridge Investments Limited, a California corporation
("Cambridge"), is registered as an investment advisor in the State of California
and provides investment management services to private individuals and
institutions. Cambridge's contracts with its clients generally provide that
Cambridge is responsible for designing and implementing the client's overall
investment strategy; for conducting direct portfolio management strategies to
the extent Cambridge determines that it is appropriate to utilize its own
portfolio management capabilities. Cambridge is located at 600 Montgomery
Street, San Francisco, California 94111. Cambridge has not been convicted in a
criminal proceeding during the last five (5) years. Cambridge is not, and during
the past five (5) years was not, a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result thereof, subject
to any judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws
or finding any violation with respect to such laws.
Mr. John R. Tozzi ("Mr. Tozzi") is the sole shareholder,
director and principal of Cambridge. His business address is 600 Montgomery
Street, San Francisco, California 94111. Mr. Tozzi's principal occupation is
investment management and he is a United States citizen. During the past five
years, Mr. Tozzi has not been (a) convicted in a criminal proceeding, or (b) a
party to any civil proceeding as a result of which he has been subject to any
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to federal or state securities laws or finding
any violation with respect to such laws.
Page 3 of 8 Pages
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Item 3. Source and Amount of Funds
Cambridge, through Cambridge Energy, L.P. ("CELP"), Cambridge
Energy Fund International Ltd. ("CEF"), Cambridge Oil & Gas, L.P. ("COG"),
Cambridge Oil & Gas International Fund, Ltd. ("COG Int'l) and Palamundo LDC
("Palamundo") (collectively, the "Funds"), has invested approximately
$16,554,330.50 in Common Stock of the Issuer as described in Item 5 below. CELP,
CEF, COG, COG Int'l and Palamundo have invested approximately $6,890,578.54,
$6,610,945.05, $2,783,744.05, $95,475.36 and $173,587.50, respectively. The
source of these funds was the respective working capital of each of the Funds.
Item 4. Purpose of the Transaction
Cambridge, through the Funds, has acquired shares of Common
Stock reported in Item 5(c) hereof over the last sixty (60) days, and prior
thereto, for portfolio investment purposes only, and does not have any present
plans or proposals that relate to or would result in any change in the business,
policies, management, structure or capitalization of the Issuer. Cambridge
reserves the right to acquire, or dispose of, additional securities of the
Issuer or any of its securities in the ordinary course of business, to the
extent deemed advisable in light of their general investment and trading
policies, market conditions or other factors. The Issuer may from time to time
contact large shareholders with a view towards discussing the acquisition of
their shares. Other than as described above, Cambridge does not have plans or
proposals which would result in any of the following:
1) the acquisition by any person of additional securities
of the Issuer, or the disposition of securities of the
Issuer;
2) an extraordinary corporate transaction, such as a
merger, reorganization or liquidation, involving the
Issuer or any of its subsidiaries;
3) a sale or transfer of a material amount of assets of
the Issuer or any of its subsidiaries;
4) any change in the present board of directors or
management of the Issuer, including any plans or
proposals to change the number or term of directors or
to fill any vacancies on the board;
5) any material change in the present capitalization or
dividend policy of the Issuer;
6) any other material change in the Issuer's business or
corporate structure;
7) changes in the Issuer's charter, by-laws or instruments
corresponding thereto or other actions which may impede
the acquisition of control of the Issuer by any person;
Page 4 of 8 Pages
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8) causing a class of securities of the issuer to be
delisted from a national securities exchange or to
cease to be authorized to be quoted in an interdealer
quotation system of a registered national securities
association;
9) causing a class of securities of the Issuer to become
eligible for termination of registration pursuant to
Section 12(g)(4) of the Exchange Act; or
10) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
(a) Cambridge is the beneficial owner of 486,800 shares of
Common Stock, or 6.5% shares of the shares outstanding. Of the 486,800 shares of
Common Stock described above, (i) 232,400 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
CELP; (ii) 201,458 are deemed beneficially owned by Cambridge in its capacity as
investment advisor for the institutional account of CEF; (iii) 46,600 are deemed
beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of COG; (iv) 2,500 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
COG Int'l; and (v) 3,842 are deemed beneficially owned by Cambridge in its
capacity as investment advisor for the managed account of Palamundo.
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 Exchange Act. The percentage of ownership
of Cambridge on January 2, 1997 is based on 7,453,804 outstanding shares of the
Issuer's Common Stock as reported in the Issuer's Quarterly Report on Form 10-Q
for the period ended September 30, 1996.
(b) Cambridge has the sole power to vote and dispose of the
shares of Common Stock held for the institutional accounts of the Funds
mentioned above.
(c) The transactions in the Issuer's securities by Cambridge
over the last sixty (60) days are listed in Annex A attached hereto and made a
part hereof.
(d) The Funds, respectively, have the right to participate in
the receipt of dividends from, or proceeds from the sale of securities held on
behalf of such funds.
(e) Not Applicable.
Page 5 of 8 Pages
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Item 6. Contracts, Arrangement, Understandings or Relationships with Respect to
Securities of the Issuer
Not Applicable.
Item 7. Material to be Filed as Exhibits
Not Applicable
Page 6 of 8 Pages
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ANNEX A
<TABLE>
<CAPTION>
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DATE TRANS SHARES PRICE ACCOUNT
(A/D)
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<S> <C> <C> <C> <C>
1/2/97 D 18,000 63.2500 CEF
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1/2/97 A 6,500 63.2500 CELP
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1/2/97 A 18,000 63.2500 COG
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1/3/97 D 2,600 62.7500 CELP
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1/3/97 A 2,600 62.7500 COG
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1/6/97 D 2,000 63.1250 CELP
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1/6/97 A 2,500 63.4250 CELP
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1/6/97 A 4,500 63.1250 COG
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1/27/97 A 5,000 67.2500 CEF
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2/3/97 D 7,600 68.2500 CELP
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2/3/97 A 7,600 68.2500 COG
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2/10/97 A 6,000 50.1417 CEF
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2/10/97 A 7,500 50.1417 CELP
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2/10/97 A 1,500 50.1417 COG
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2/28/97 D 3,042 46.3750 CEF
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3/1/97 A 3,042 43.7500 Palamundo
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3/3/97 A 3,700 43.7500 CEF
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3/3/97 A 3,800 43.9000 CEF
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3/3/97 A 2,500 43.7500 COG
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3/4/97 A 19,500 44.8750 CEF
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3/4/97 A 6,500 44.8750 COG
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3/4/97 A 4,000 44.8750 COG Int'l
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3/7/97 D 1,500 56.0833 COG Int'l
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3/13/97 A 20,300 50.6250 CEF
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3/13/97 A 24,800 50.6250 CELP
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3/13/97 A 800 50.6250 Palamundo
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</TABLE>
Page 7 of 8 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: March 20, 1997
CAMBRIDGE INVESTMENTS LIMITED
By: /s/ John R. Tozzi
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John R. Tozzi,
President
Page 8 of 8 Pages
