SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 2 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
43rd Floor
San Francisco, California 94111
Tel. No.: (415) 781-0866
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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
December 10, 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 7 Pages
<PAGE>
- ----------------------- -------------------------------
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, Ltd.
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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 PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 980,200 shares of Common Stock (See Item 5)
OWNED BY
EACH
REPORTING
PERSON WITH
- -------------------------------------------------------------------------------
8 SHARED VOTING POWER
0 shares of Common Stock (See Item 5)
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9 SOLE DISPOSITIVE POWER
980,200 shares of Common Stock (See Item 5)
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10 SHARED DISPOSITIVE POWER
0 shares of Common Stock (See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
980,200 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)
6.33% 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 7 Pages
<PAGE>
AMENDMENT NO. 2 OF SCHEDULE 13D
This Amendment No. 2 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 ("PAL"),
and Quantum Partners, LDC ("QUE"), (collectively, the "Funds"), has invested
approximately $23,676,010.14 in Common Stock of the Issuer as described in Item
5 below. CEF, CELP, COG, COG Int'l, PAL, and QUE, have invested approximately
$6,475,337.20, $5,932,192.32, $3,563,066.50, $3,083,384.82, $449,603.75,
$4,172,425.55, 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 December 16, 1997, Cambridge is the beneficial owner
of 980,140 shares of Common Stock, or 6.33% of the shares outstanding. Of the
shares of Common Stock described above, (i) 345,339 are deemed beneficially
owned by Cambridge in its capacity as investment advisor for the institutional
account of CEF; (ii) 361,529 are deemed
Page 3 of 7 Pages
<PAGE>
beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of CELP; (iii) 108,370 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
COG; (iv) 57,430 are deemed beneficially owned by Cambridge in its capacity as
investment advisor for the institutional account of COG Int'l; (v) 15,247 are
deemed beneficially owned by Cambridge in its capacity as investment advisor for
the institutional account of PAL; and (vi) 92,225 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 December 12, 1997 is based on an aggregate of 15,468,072 shares of
Common Stock outstanding based upon the Issuer's 10-Q for the quarter ended
September 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, PAL, 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, PAL, 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 7 Pages
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<TABLE>
- --------------------------------------------------------------------------------------------
CDG
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
DATE ACCOUNT TRANS SHARES PRICE
(A/D) ($)
- --------------------------------------------------------------------------------------------
11/13/97 CIL A 2000 63.5625
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11/13/97 CIL D 2000 67.9375
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11/14/97 PAL D 1000 70.92
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11/14/97 QUE D 900 70.94
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11/14/97 QUE D 5100 70.94
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11/17/97 CEF D 8850 71.58
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11/17/97 CEF D 850 71.58
- --------------------------------------------------------------------------------------------
11/17/97 CEF D 2800 71.58
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11/17/97 CELP D 5290 71.58
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11/17/97 CELP D 3100 71.58
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11/17/97 CELP D 310 71.58
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11/17/97 CELP D 2300 71.58
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11/17/97 QUE D 2500 71.58
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11/18/97 CEF D 4800 66.73
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11/18/97 CELP D 4200 66.73
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11/18/97 QUE D 1000 66.71
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11/26/97 CIL A 2000 57.13
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11/26/97 CIL D 2000 56.37
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12/04/97 CEF D 11467 61.19
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12/04/97 CELP D 9361 61.19
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12/04/97 PAL D 1597 61.18
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12/04/97 QUE D 2575 61.18
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12/05/97 CEF D 12000 60.68
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12/05/97 CEF D 2000 60.25
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12/05/97 CEF D 2017 60.25
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12/05/97 CEF D 883 60.25
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12/05/97 CELP D 4000 60.25
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12/05/97 CELP D 10000 60.68
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12/05/97 QUE D 3000 60.67
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12/05/97 QUE D 1100 60.24
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12/08/97 CEF D 8000 63.07
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12/08/97 CELP D 7100 63.07
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12/08/97 QUE D 2100 63.06
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12/09/97 CEF D 3700 64.58
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12/09/97 CELP D 1771 64.58
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12/09/97 CELP D 1229 64.58
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12/09/97 QUE D 1000 64.57
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12/10/97 CEF D 7600 59.76
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12/10/97 CELP D 8200 59.76
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12/10/97 QUE D 2800 59.76
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12/11/97 CEF D 11883 56.72
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12/11/97 CEF D 3117 56.73
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12/12/97 CEF D 3000 53.38
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12/12/97 CELP D 5029 53.9618
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12/12/97 CELP D 13871 53.38
</TABLE>
Page 5 of 7 Pages
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<TABLE>
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
12/12/97 CELP D 5029 53.38
- --------------------------------------------------------------------------------------------
12/12/97 QUE D 7100 53.38
- --------------------------------------------------------------------------------------------
12/15/97 CEF D 17000 48.84
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12/15/97 CEF D 7600 49.05
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12/15/97 CELP D 6600 48.84
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12/15/97 CELP D 2529 48.84
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12/15/97 CELP D 871 48.84
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12/15/97 COG A 4000 49.06
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12/15/97 COGI A 3600 49.06
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12/16/97 CEF D 2117 50.98
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12/16/97 CEF D 9883 50.98
============================================================================================
</TABLE>
Page 6 of 7 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: January 16, 1998
CAMBRIDGE INVESTMENTS, LTD.
By: /s/Jocelyn E. Weingart,
Vice President
Page 7 of 7 Pages
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