SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 2 TO
SCHEDULE 13D
Under the Securities Exchange Act of 1934
CAL DIVE INTERNATIONAL, INC.
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(Name of Issuer)
Common Stock, no par value
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(Title of Class of Securities)
0001279141
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(CUSIP NUMBER)
CAMBRIDGE INVESTMENTS, LTD.
600 Montgomery Street
43rd Floor
San Francisco, California 94111
Tel. No.: (415) 781-0866
-----------------------------------------
(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
------------------------------------------
(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. 0001279141 13D
- ------------------------ -------------------------
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 872,346 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
872,346 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
872,346 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)
6.00% 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"),
registered as an investment advisor in the State of California, regarding shares
of Cal Dive International, Inc. acquired on behalf of certain of its clients.
Item 1. Security and Issuer
Securities acquired: Common Stock, no par value
Issuer: Cal Dive International, Inc.
13430 Northwest Freeway
Suite 350
Houston, Texas 77040
Tel. No. (281) 618-0400
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 $18,877,293.49 in Common Stock of the Issuer as described in Item
5 below. CEF, CELP, COG, COG Int'l, PAL, and QUE, have invested approximately
$5,911,633.02, $7,061,960.73, $1,533,441.56, $1,070,582.29, $291,446.74, and
$3,008,229.15, 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 12, 1997, Cambridge is the beneficial owner
of 872,346 shares of Common Stock, or 6.00% of the shares outstanding. Of the
872,346 shares of Common Stock described above, (i) 299,888 are deemed
beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of CEF; (ii) 330,729 are
Page 3 of 7 Pages
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deemed beneficially owned by Cambridge in its capacity as investment advisor for
the institutional account of CELP; (iii) 74,670 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
COG; (iv) 37,151 are deemed beneficially owned by Cambridge in its capacity as
investment advisor for the institutional account of COG Int'l; (v) 13,408 are
deemed beneficially owned by Cambridge in its capacity as investment advisor for
the institutional account of PAL; and (vi) 116,500 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 14,524,831 shares of
Common Stock outstanding as reported in the Issuer's 10-Q dated 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, mentioned above.
(c) The transactions in the Issuer's securities by Cambridge
since the last filing are listed as Annex A attached hereto and made apart
hereof.
(d) CEF, CELP, COG, COG Int'l, PAL, QUE, respectively, 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 change in this section.
Page 4 of 7 Pages
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<TABLE>
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CDIS
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<S> <C> <C> <C> <C>
DATE ACCOUNT TRANS SHARES PRICE
(A/D) ($)
- ---------------------------------------------------------------------------------------------
11/12/97 CEF D 4200 33.62
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11/12/97 CEF D 2500 33.62
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11/12/97 CEF D 1050 33.62
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11/12/97 CEF D 2200 33.62
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11/12/97 CEF D 1550 33.62
- ---------------------------------------------------------------------------------------------
11/12/97 CEF D 4200 33.62
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11/12/97 CEF D 1475 33.6
- ---------------------------------------------------------------------------------------------
11/12/97 CEF D 925 33.62
- ---------------------------------------------------------------------------------------------
11/12/97 CELP D 2200 33.62
- ---------------------------------------------------------------------------------------------
11/12/97 CELP D 1500 33.62
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11/12/97 CELP D 1500 33.62
- ---------------------------------------------------------------------------------------------
11/12/97 CELP D 2500 33.62
- ---------------------------------------------------------------------------------------------
11/12/97 CELP D 4200 33.62
- ---------------------------------------------------------------------------------------------
11/12/97 CELP D 1050 33.62
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11/12/97 CELP D 4200 33.62
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11/12/97 CELP D 950 33.62
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11/12/97 COG D 4000 33.62
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11/12/97 COGI D 2000 33.62
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11/12/97 PAL D 800 33.62
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11/12/97 QUE D 450 33.62
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11/12/97 QUE D 600 33.62
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11/12/97 QUE D 400 33.62
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11/12/97 QUE D 1800 33.62
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11/12/97 QUE D 1650 33.62
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11/12/97 QUE D 1100 33.62
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11/12/97 QUE D 1000 33.62
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11/13/97 CEF D 5000 32.88
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11/13/97 CEF D 100 32.88
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11/13/97 CEF D 6300 32.88
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11/13/97 CEF D 625 32.88
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11/13/97 CELP D 6300 32.88
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11/13/97 CELP D 2100 32.88
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11/13/97 CELP D 100 32.88
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11/13/97 CELP D 3200 32.88
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11/13/97 COG D 3575 32.89
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11/13/97 COGI D 1625 32.89
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11/13/97 PAL D 250 32.84
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11/13/97 PAL D 75 32.84
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11/13/97 QUE D 3250 32.88
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11/14/97 CEF D 1850 31.37
</TABLE>
Page 5 of 7 Pages
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<TABLE>
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
11/14/97 CELP D 1800 31.37
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11/14/97 COG D 550 31.38
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11/14/97 COGI D 250 31.38
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11/14/97 PAL D 50 31.75
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11/14/97 QUE D 400 31.35
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11/14/97 QUE D 100 31.34
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11/17/97 CEF D 1850 31.99
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11/17/97 CELP D 1800 31.99
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11/17/97 COG D 550 32
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11/17/97 COGI D 250 32
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11/17/97 PAL D 50 32
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11/17/97 QUE D 500 31.97
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11/18/97 QUE D 7500 31.66
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12/04/97 PAL D 1404 28.99
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12/05/97 CEF D 900 27.98
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12/05/97 CELP D 800 27.98
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12/05/97 QUE D 300 28
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12/08/97 CEF D 3360 28.62
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12/08/97 CEF D 12480 28.62
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12/08/97 CEF D 6000 28.62
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12/08/97 CEF D 1908 28.62
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12/08/97 CEF D 2252 28.62
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12/08/97 CELP D 989 28.62
- ---------------------------------------------------------------------------------------------
12/08/97 CELP D 5411 28.62
- ---------------------------------------------------------------------------------------------
12/08/97 QUE D 2600 28.62
- ---------------------------------------------------------------------------------------------
12/09/97 CEF D 3120 28.31
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12/09/97 CEF D 148 28.31
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12/09/97 CEF D 3832 28.31
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12/09/97 CELP D 714 28.31
- ---------------------------------------------------------------------------------------------
12/09/97 CELP D 1586 28.31
- ---------------------------------------------------------------------------------------------
12/09/97 QUE D 1200 28.3
- ---------------------------------------------------------------------------------------------
12/10/97 CEF D 332 27.49
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12/10/97 CEF D 2168 27.49
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12/11/97 CEF D 2000 26.87
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12/12/97 CEF D 1650 26.49
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12/12/97 CELP D 600 26.48
- ---------------------------------------------------------------------------------------------
12/12/97 QUE D 250 26.44
=============================================================================================
</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:
Jocelyn E. Weingart,
Vice President
Page 7 of 7 Pages
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