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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
STOLT COMEX SEAWAY SA
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(Name of Issuer)
Common Stock, $2.00 par value
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(Title of Class of Securities)
L8873E103
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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
May 6, 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 ("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 8 Pages
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CUSIP No. L8873E103 13-D
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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 981,800 shares of Common Stock
SHARES | | (See Item 5)
BENEFICIALLY | |
OWNED BY | 8 | SHARED VOTING POWER 0
EACH | |
REPORTING | 9 | SOLE DISPOSITIVE POWER 981,800 shares of Common Stock
PERSON WITH | | (See Item 5.)
| |
| 10 | SHARED DISPOSITIVE POWER 0
| |
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
981,800 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)
5.8% 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 Stolt Comex Seaway SA
acquired on behalf of certain of its clients.
Item 1. Security and Issuer
Securities acquired: Common Stock, $2.00 par value
Issuer: Stolt Comex Seaway SA
c/o Stolt Comex Seaway M.S. Ltd.
Bucksburn House
Howes Road
Bucksburn, Aberdeen AB21 9RQ, Scotland
Tel. No. (44) 1224-718200
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 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"), Tozzi Family Trust #2 ("Trust #2") and Tozzi Family Trust #4
("Trust #4") (collectively, the "Funds"), has invested approximately
$18,033,640.94 in Common Stock of the Issuer as described in Item 5 below. CEF,
CELP, COG, COG Int'l, Palamundo, Trust #2 and Trust #4 have invested
approximately $7,220,613.42, $7,305,364.68, $3,070,499.09, $217,103.29,
$144,680.41, $45,625.00 and $29,755.05, respectively. The source of these funds
was the respective working capital of each of the Funds.
Item 4. Purpose of the Transaction
Cambridge 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;
Page 4 of 8 Pages
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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;
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 981,800 shares of
Common Stock, or 5.8% shares of the shares outstanding. Of the 981,800 shares of
Common Stock described above, (i) 390,081 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
CEF; (ii) 393,850 are deemed beneficially owned by Cambridge in its capacity as
investment advisor for the institutional account of CELP; (iii) 174,000 are
deemed beneficially owned by Cambridge in its capacity as investment advisor for
the institutional account of COG; (iv) 12,250 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
COG Int'l; (v) 7,619 are deemed beneficially owned by Cambridge in its capacity
as investment advisor for the institutional account of Palamundo; (vi) 2,500 are
deemed beneficially owned by Cambridge in its capacity as investment advisor for
the institutional account of Trust #2; and (vii) 1,500 are deemed beneficially
owned by Cambridge in its capacity as investment advisor for the institutional
account of Trust #4.
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 May 6, 1997 is based on an aggregate of 17,011,250 shares of
Common Stock outstanding after completion of the Issuer's recent public offering
as reported in its Prospectus dated March 6, 1997.
(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 as Annex A attached hereto and made
apart 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.
Page 5 of 8 Pages
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(e) Not Applicable.
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>
4/9/97 A 33,000 19.849 CEF
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4/9/97 A 38,000 19.849 CELP
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4/9/97 A 9,000 19.849 COG
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4/9/97 A 800 19.849 COG Int'l
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4/9/97 A 200 19.849 Palamundo
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4/9/97 D 59,900 19.875 Trust #1*
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4/30/97 A 10,000 18.250 Trust #2
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5/6/97 A 73,400 18.125 CEF
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5/6/97 A 500 18.625 CEF
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5/6/97 A 84,500 18.125 CELP
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5/6/97 A 1,600 18.125 Palamundo
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5/9/97 A 11,350 19.500 CEF
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5/9/97 A 13,400 19.500 CELP
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5/9/97 A 250 19.500 Palamundo
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5/12/97 A 1,500 19.792 Trust #4
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5/15/97 A 3,000 19.625 CEF
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5/15/97 A 3,500 19.625 CELP
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5/15/97 A 800 19.625 COG
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5/15/97 A 200 19.625 Palamundo
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5/16/97 A 4,000 19.625 CEF
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5/16/97 A 4,400 19.625 CELP
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5/16/97 A 1,300 19.625 COG
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5/16/97 A 150 19.625 COG Int'l
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5/16/97 A 150 19.625 Palamundo
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6/4/97 D 5,000 24.875 Trust #2
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6/6/97 D 2,500 24.375 Trust #2
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</TABLE>
* Tozzi Family Trust # 1
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: June 11, 1997
CAMBRIDGE INVESTMENTS LIMITED
By: /s/ John R. Tozzi
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John R. Tozzi,
President
Page 8 of 8 Pages
