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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 2 TO
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, LTD.
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
July 29, 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 8 Pages
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CUSIP No. L8873E103 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 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 | | 1,569,700 shares of Common Stock (See Item 5)
BENEFICIALLY |-----|--------------------------------------------------------
OWNED BY | 8 | SHARED VOTING POWER
EACH | | 6,000 shares of Common Stock (See Item 5)
REPORTING |-----|--------------------------------------------------------
PERSON WITH | 9 | SOLE DISPOSITIVE POWER
| | 1,569,700 shares of Common Stock (See Item 5)
|-----|--------------------------------------------------------
| 10 | SHARED DISPOSITIVE POWER
| | 6,000 shares of Common Stock (See Item 5)
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,575,700 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)
9.2% 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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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 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 (the "Issuer")
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
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
("Palamundo"), Quantum Partners, LDC ("QP"), Cambridge and the Cambridge Profit
Sharing Plan (the "Plan"), (collectively, the "Funds"), has invested
approximately $37,669,389.44 in Common Stock of the Issuer as described in Item
5 below. CEF, CELP, COG, COG Int'l, Palamundo, and QP, Cambridge and the Plan
have invested approximately $11,688,720.99, $11,810,648.63, $3,183,837.76,
$1,452,000.31, $741,984.13, $7,107,074.30, $1,146,998.32, and $538,125.00,
respectively. The source of these funds was the respective working capital of
each of the Funds. Mr. John R. Tozzi ("JRT") may be deemed to have invested
indirectly approximately $2,914,846.42 in Common Stock of the Issuer as
described in Item 5 below.
Item 4. Purpose of the Transaction
There is no change in this section.
Page 3 of 8 Pages
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Item 5. Interest in Securities of the Issuer
(a) As of August 27, 1997, Cambridge is the beneficial owner
of 1,575,700 shares of Common Stock, or 9.2% shares of the shares outstanding.
Of the 1,575,700 shares of Common Stock described above, (i) 524,033 are deemed
beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of CEF; (ii) 532,636 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
CELP; (iii) 182,380 are deemed beneficially owned by Cambridge in its capacity
as investment advisor for the institutional account of COG; (iv) 40,324 are
deemed beneficially owned by Cambridge in its capacity as investment advisor for
the institutional account of COG Int'l; (v) 26,227 are deemed beneficially owned
by Cambridge in its capacity as investment advisor for the institutional account
of Palamundo; (vi) 169,500 are deemed beneficially owned by Cambridge in its
capacity as investment advisor for the institutional account of QP; (vii) 24,000
are deemed beneficially owned by Cambridge in its capacity as investment advisor
for its own account; and (viii) 12,300 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
the Plan. JRT, directly and indirectly, may be deemed the beneficial owner of
64,300 shares of Common Stock or, in the aggregate, 0.4% of the shares
outstanding.
The number of shares beneficially owned by Cambridge and JRT,
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 and JRT on August 15, 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 shares
of the Common Stock held for the institutional accounts of CEF, CELP, COG, COG
Int'l Palamundo, QP, Cambridge and the Plan mentioned above. JRT has the sole
power to vote and dispose of 58,300 of the shares of Common Stock held by him
though an entity established for the benefit of his family. JRT has shared power
to vote and dispose of the remaining 6,000 of the shares of Common Stock which
are owned by JRT's family.
(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, Palamundo, QP, Cambridge and
the Plan, respectively, and JRT's family and an entity established for their
benefit have the right to participate in the receipt dividends and/or proceeds
from the sale of securities held on behalf of such funds.
(e) There is no change in this subsection.
Page 4 of 8 Pages
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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 5 of 8 Pages
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<TABLE>
<CAPTION>
ANNEX A
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DATE TRANS SHARES PRICE ACCOUNT
(A/D) ($)
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<S> <C> <C> <C> <C>
07/12/97 A 1,154 34.156 COG Int'l
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07/12/97 A 9,800 34.250 CELP
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07/12/97 A 7,546 34.156 CELP
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07/12/97 A 400 34.250 Palamundo
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07/12/97 A 200 34.250 COG Int'l
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07/12/97 A 308 34.156 Palamundo
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07/12/97 A 9,600 34.250 CEF
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07/12/97 A 7,392 34.156 CEF
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07/15/97 A 12,400 34.250 CEF
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07/15/97 A 600 34.250 Palamundo
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07/15/97 A 12,700 34.250 CELP
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07/15/97 A 300 34.250 COG Int'l
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07/15/97 A 4,000 34.250 COG
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07/23/97 D 500 41.500 JRT*
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07/24/97 D 1,000 40.000 JRT*
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07/29/97 A 5,500 40.636 QP
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07/29/97 A 25,000 40.650 QP
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07/29/97 A 25,000 41.375 QP
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07/29/97 D 900 40.313 Palamundo
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07/29/97 A 55,000 40.341 QP
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07/29/97 D 100 41.000 Palamundo
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07/29/97 A 10,000 41.250 QP
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07/29/97 D 23,300 40.313 CELP
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07/29/97 D 1,920 46.000 CEF
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07/29/97 D 17,900 40.313 CEF
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07/29/97 D 2,160 41.000 CELP
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07/29/97 D 7,500 40.313 COG
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07/29/97 D 100 41.000 COG Int'l
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07/29/97 D 400 40.313 COG Int'l
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</TABLE>
Page 6 of 8 Pages
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
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07/29/97 D 720 41.000 COG
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07/30/97 A 25,000 44.400 QP
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07/30/97 A 5,000 43.375 QP
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07/31/97 A 23,000 46.069 CELP
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07/31/97 A 25,000 45.900 COG Int'l
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07/31/97 A 25,000 45.941 CEF
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07/31/97 A 22,000 46.069 CEF
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07/31/97 A 25,000 45.941 CELP
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08/01/97 A 10,000 45.859 JRT*
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08/01/97 A 3,000 45.706 JRT*
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08/01/97 A 3,000 45.922 JRT*
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08/01/97 A 10,000 45.706 JRT*
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08/01/97 A 4,000 45.859 JRT*
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08/01/97 A 10,000 45.922 JRT*
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08/01/97 A 7,000 45.922 Cambridge
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08/01/97 A 6,000 45.859 Cambridge
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08/01/97 A 7,000 45.706 Cambridge
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08/04/97 A 2,000 46.970 JRT*
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08/04/97 A 2,000 46.970 JRT*
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08/04/97 A 6,300 46.970 Cambridge
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08/04/97 A 2,000 46.970 JRT*
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08/04/97 A 10,000 47.266 JRT*
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08/04/97 A 10,000 46.266 Cambridge
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08/04/97 A 6,300 46.970 JRT*
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08/05/97 A 19,000 46.043 QP
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08/08/97 A 12,300 43.750 the Plan
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08/08/97 D 12,300 43.750 Cambridge
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08/21/97 A 2,000 45.120 JRT*
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</TABLE>
* These transactions relate to shares held by family members and an entity
established for their benefit.
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: September 4, 1997
CAMBRIDGE INVESTMENTS, LTD.
By: /s/ Jocelyn Weingart
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Jocelyn Weingart,
Vice President
Page 8 of 8 Pages
