SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 3 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
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
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December 22, 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
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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 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 1,353,096 shares of Common Stock (See Item 5)
OWNED BY
EACH
REPORTING
PERSON WITH
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8 SHARED VOTING POWER
0 shares Common Stock (See Item 5)
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9 SOLE DISPOSITIVE POWER
1,353,096 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
1,353,096 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)
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 7 Pages
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AMENDMENT NO. 3 OF SCHEDULE 13D
This Amendment No. 3 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 ("QUE"), (collectively, the "Funds"), has
invested approximately $32,298,871.73 in Common Stock of the Issuer as described
in Item 5 below. CEF, CELP, COG, COG Int'l, Palamundo, and QUE, have invested
approximately $7,868,820.61, $11,156,472.96, $3,862,488.43, $3,192,857.89,
$347,682.94, and $5,870,548.90, 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 19, 1997, Cambridge is the beneficial owner
of 1,353,096 shares of Common Stock, or 8% of the shares outstanding. Of the
1,353,096 shares of Common Stock described above, (i) 416,533 are deemed
beneficially owned by
Page 3 of 7 Pages
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Cambridge in its capacity as investment advisor for the institutional account of
CEF; (ii) 514,986 are deemed beneficially owned by Cambridge in its capacity as
investment advisor for the institutional account of CELP; (iii) 193,380 are
deemed beneficially owned by Cambridge in its capacity as investment advisor for
the institutional account of COG; (iv) 70,224 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
COG Int'l; (v) 15,773 are deemed beneficially owned by Cambridge in its capacity
as investment advisor for the institutional account of Palamundo; (vi) 142,200
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 22, 1997 is based on an aggregate of 17,011,250 shares of
Common Stock outstanding as reported in the Issuers F-3 filed with the
Securities and Exchange Commission on November 12, 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, 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, Palamundo, and QUE, have the
right to participate in the receipt of dividends from, 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>
ANNEX A
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SCSWF
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
DATE ACCOUNT TRANS SHARES PRICE
(A/D) ($)
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10/28/97 JRT D 3000 61.0659
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10/28/97 JRT D 36950 61.0659
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11/14/97 CEF A 2000 60.51
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11/14/97 CEF A 100000 60.5
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11/14/97 CEF D 100000 60.46
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11/14/97 CEF D 2000 60.46
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11/14/97 PAL D 842 60.46
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11/14/97 PAL D 258 60.46
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11/14/97 PAL D 6400 60.45
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11/14/97 QUE D 9000 60.46
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11/28/97 CEF D 5000 49.73
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11/28/97 CELP A 2500 49.77
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11/28/97 QUE A 2500 49.77
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12/04/97 PAL D 1546 50.24
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12/04/97 PAL D 158 50.24
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12/05/97 PAL D 500 50.03
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12/09/97 CEF D 2300 53.49
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12/09/97 CELP D 2200 53.49
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12/09/97 QUE D 500 53.47
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12/10/97 CEF D 600 51.58
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12/10/97 CEF D 4700 51.58
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12/10/97 CELP D 300 51.58
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12/10/97 CELP D 4600 51.58
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12/10/97 QUE D 1200 51.57
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12/11/97 CEF D 11400 49.51
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12/12/97 CEF D 17500 48.4464
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12/15/97 CEF D 3822 45.1
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12/15/97 CEF D 7928 45.02
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12/15/97 CEF D 5178 45.1
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12/15/97 CEF D 2072 45.02
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12/15/97 COG A 5200 45.03
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12/15/97 COGI A 4800 45.03
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12/15/97 PAL D 800 45.1
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12/15/97 QUE D 3300 45.1
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12/15/97 QUE D 5000 45.1
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12/15/97 QUE D 5900 45.1
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12/16/97 CEF D 11272 45.73
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12/16/97 CEF D 9548 45.73
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12/16/97 CEF D 4500 45.73
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12/16/97 CEF D 5800 45.73
</TABLE>
Page 5 of 7 Pages
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<TABLE>
<S> <C> <C> <C> <C>
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12/16/97 CEF D 2880 45.73
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12/22/97 CELP D 3650 44.72
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12/22/97 CELP D 7350 44.72
=============================================================================================
</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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