<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
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
00018682C1
- --------------------------------------------------------------------------------
(CUSIP NUMBER)
CAMBRIDGE INVESTMENTS LIMITED
600 Montgomery Street
27th Floor
San Francisco, California 94111
Tel. No.: (415) 627-3017
- --------------------------------------------------------------------------------
(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
- --------------------------------------------------------------------------------
(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.
<PAGE>
|----------------------| |-------------------------|
| CUSIP No. 00018682C1 | 13D | |
|----------------------| |-------------------------|
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Cambridge Investments Limited
- ------------------------------------------------------------------------------
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 | | 516,800 shares of Common Stock (See Item 5)
BENEFICIALLY | |--------------------------------------------------------
OWNED BY | 8 | SHARED VOTING POWER
EACH | | 0
REPORTING | |--------------------------------------------------------
| 9 | SOLE DISPOSITIVE POWER
PERSON WITH | | 516,800 shares of Common Stock (See Item 5.)
| |--------------------------------------------------------
| 10 | SHARED DISPOSITIVE POWER
| | 0
- ------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
516,800 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)
6.9% of Common Stock (See Item 5)
- ------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 2 of 6 Pages
<PAGE>
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
There is no change in this section.
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
$18,172,080.50 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,
$8,185,555.05, $2,783,744.05, $95,475.36 and $216,727.50, 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) Cambridge is the beneficial owner of 516,800 shares of
Common Stock, or 6.9% shares of the shares outstanding. Of the 516,800 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) 230,658 are deemed beneficially owned by Cambridge in its capacity as
investment advisor for the institutional
Page 3 of 6 Pages
<PAGE>
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) 4,642 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) There is no change in this subsection.
(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) There is no change in this subsection.
(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
<PAGE>
ANNEX A
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
DATE TRANS SHARES PRICE ACCOUNT
(A/D)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/2/97 D 18,000 63.2500 CEF
- -------------------------------------------------------------------------------------------------------------------------------
1/2/97 A 6,500 63.2500 CELP
- -------------------------------------------------------------------------------------------------------------------------------
1/2/97 A 18,000 63.2500 COG
- -------------------------------------------------------------------------------------------------------------------------------
1/3/97 D 2,600 62.7500 CELP
- -------------------------------------------------------------------------------------------------------------------------------
1/3/97 A 2,600 62.7500 COG
- -------------------------------------------------------------------------------------------------------------------------------
1/6/97 D 2,000 63.1250 CELP
- -------------------------------------------------------------------------------------------------------------------------------
1/6/97 A 2,500 63.4250 CELP
- -------------------------------------------------------------------------------------------------------------------------------
1/6/97 A 4,500 63.1250 COG
- -------------------------------------------------------------------------------------------------------------------------------
1/27/97 A 5,000 67.2500 CEF
- -------------------------------------------------------------------------------------------------------------------------------
2/3/97 D 7,600 68.2500 CELP
- -------------------------------------------------------------------------------------------------------------------------------
2/3/97 A 7,600 68.2500 COG
- -------------------------------------------------------------------------------------------------------------------------------
2/10/97 A 6,000 50.1417 CEF
- -------------------------------------------------------------------------------------------------------------------------------
2/10/97 A 7,500 50.1417 CELP
- -------------------------------------------------------------------------------------------------------------------------------
2/10/97 A 1,500 50.1417 COG
- -------------------------------------------------------------------------------------------------------------------------------
2/28/97 D 3,042 46.3750 CEF
- -------------------------------------------------------------------------------------------------------------------------------
3/1/97 A 3,042 43.7500 Palamundo
- -------------------------------------------------------------------------------------------------------------------------------
3/3/97 A 3,700 43.7500 CEF
- -------------------------------------------------------------------------------------------------------------------------------
3/3/97 A 3,800 43.9000 CEF
- -------------------------------------------------------------------------------------------------------------------------------
3/3/97 A 2,500 43.7500 COG
- -------------------------------------------------------------------------------------------------------------------------------
3/4/97 A 19,500 44.8750 CEF
- -------------------------------------------------------------------------------------------------------------------------------
3/4/97 A 6,500 44.8750 COG
- -------------------------------------------------------------------------------------------------------------------------------
3/4/97 A 4,000 44.8750 COG Int'l
- -------------------------------------------------------------------------------------------------------------------------------
3/7/97 D 1,500 56.0833 COG Int'l
- -------------------------------------------------------------------------------------------------------------------------------
3/13/97 A 20,300 50.6250 CEF
- -------------------------------------------------------------------------------------------------------------------------------
3/13/97 A 24,800 50.6250 CELP
- -------------------------------------------------------------------------------------------------------------------------------
3/13/97 A 800 50.6250 Palamundo
- -------------------------------------------------------------------------------------------------------------------------------
3/20/97 A 29,200 53.9250 CEF
- -------------------------------------------------------------------------------------------------------------------------------
3/20/97 A 800 53.9250 Palamundo
===============================================================================================================================
</TABLE>
Page 5 of 6 Pages
<PAGE>
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: April 7, 1997
CAMBRIDGE INVESTMENTS LIMITED
By: /s/ John R. Tozzi
--------------------
John R. Tozzi,
President
Page 6 of 6 Pages
