SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO SCHEDULE 13D Under the Securities Exchange Act of 1934 CAL DIVE INTERNATIONAL, INC. ----------------------------------------------- (Name of Issuer) Common Stock, no par value ----------------------------------------------- (Title of Class of Securities) 0001279141 ---------------------------------------------- (CUSIP NUMBER) CAMBRIDGE INVESTMENTS, LTD. 600 Montgomery Street 27th Floor San Francisco, California 94111 Tel. No.: (415) 627-3017 ------------------------------------------------- (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 September 16, 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 - ------------------------------ ------------------------------- CUSIP No. 0001279141 13D - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Cambridge Investments, Ltd. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* 00 - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION U.S.A. - -------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES BENEFICIALLY 1,028,100 shares of Common Stock (See Item 5) OWNED BY --------------------------------------------- EACH 8 SHARED VOTING POWER REPORTING PERSON WITH 0 shares of Common Stock (See Item 5) --------------------------------------------- 9 SOLE DISPOSITIVE POWER 1,028,100 shares of Common Stock (See Item 5) --------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 shares of Common Stock (See Item 5) - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,028,100 shares of Common Stock (See Item 5.) - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.09% of Common Stock (See Item 5) - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT Page 2 of 7 Pages AMENDMENT NO. 1 OF SCHEDULE 13D ------------------------------- This Amendment No. 1 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"), Quantum Partners, LDC ("QUE") (collectively, the "Funds"), has invested approximately $23,179,101.00 in Common Stock of the Issuer as described in Item 5 below. CEF, CELP, COG, COG Int'l, Palamundo, and QUE, have invested approximately $7,868,710.62, $8,293,595.09, $1,807,496.92, $1,220,379.93, $361,699.69, and $3,627,218.12, 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 October 7, 1997, Cambridge is the beneficial owner of 1,028,100 shares of Common Stock, or 7.09% of the shares outstanding. Of the 1,028,100 shares of Common Stock described above, (i) 373,863 are deemed beneficially owned by Cambridge in its capacity as investment advisor for the institutional account of CEF; (ii) 374,229 are Page 3 of 7 Pages deemed beneficially owned by Cambridge in its capacity as investment advisor for the institutional account of CELP; (iii) 83,345 are deemed beneficially owned by Cambridge in its capacity as investment advisor for the institutional account of COG; (iv) 41,276 are deemed beneficially owned by Cambridge in its capacity as investment advisor for the institutional account of COG Int'l; (v) 16,037 are deemed beneficially owned by Cambridge in its capacity as investment advisor for the institutional account of Palamundo; and (vi) 139,350 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 October 7, 1997 is based on an aggregate of 14,502,831 shares of Common Stock outstanding as reported in the Issuer's 10-Q dated June 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 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, 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 Page 5 of 7 Pages
================================================================================================================================ DATE TRANS SHARES PRICE ACCOUNT (A/D) ($) - -------------------------------------------------------------------------------------------------------------------------------- 08/11/97 A 6,300 27.3750 CEF - -------------------------------------------------------------------------------------------------------------------------------- 08/11/97 A 2,100 27.1250 CEF - -------------------------------------------------------------------------------------------------------------------------------- 08/11/97 A 6,300 27.3750 CELP - -------------------------------------------------------------------------------------------------------------------------------- 08/11/97 A 2,100 27.1250 CELP - -------------------------------------------------------------------------------------------------------------------------------- 08/11/97 A 300 27.3750 COGI - -------------------------------------------------------------------------------------------------------------------------------- 08/11/97 A 100 27.1250 COGI - -------------------------------------------------------------------------------------------------------------------------------- 08/11/97 A 300 27.3750 PAL - -------------------------------------------------------------------------------------------------------------------------------- 08/11/97 A 100 27.1250 PAL - -------------------------------------------------------------------------------------------------------------------------------- 08/11/97 A 1,800 27.375 QUE - -------------------------------------------------------------------------------------------------------------------------------- 08/11/97 A 600 27.125 QUE - -------------------------------------------------------------------------------------------------------------------------------- 09/02/97 A 1,550 33.7887 CEF - -------------------------------------------------------------------------------------------------------------------------------- 09/02/97 A 1,600 33.7887 CELP - -------------------------------------------------------------------------------------------------------------------------------- 09/02/97 A 400 33.7887 COG - -------------------------------------------------------------------------------------------------------------------------------- 09/02/97 A 100 33.7887 COGI - -------------------------------------------------------------------------------------------------------------------------------- 09/02/97 A 100 33.7887 PAL - -------------------------------------------------------------------------------------------------------------------------------- 09/02/97 A 450 33.7887 QUE - -------------------------------------------------------------------------------------------------------------------------------- 09/03/97 A 1,500 34.5000 CELP - -------------------------------------------------------------------------------------------------------------------------------- 09/03/97 A 1,000 34.5000 COGI - -------------------------------------------------------------------------------------------------------------------------------- 09/05/97 A 925 34.0000 CEF - -------------------------------------------------------------------------------------------------------------------------------- 09/05/97 A 950 34.0000 CELP - -------------------------------------------------------------------------------------------------------------------------------- 09/05/97 A 250 34.0000 COG - -------------------------------------------------------------------------------------------------------------------------------- 09/05/97 A 200 34.0000 COGI - -------------------------------------------------------------------------------------------------------------------------------- 09/05/97 A 175 34.0000 PAL - -------------------------------------------------------------------------------------------------------------------------------- 09/08/97 A 1,050 33.75 CEF - -------------------------------------------------------------------------------------------------------------------------------- 09/08/97 A 1,050 33.7500 CELP - -------------------------------------------------------------------------------------------------------------------------------- 09/08/97 A 400 33.75 QUE - -------------------------------------------------------------------------------------------------------------------------------- 09/09/97 A 2,000 33.5000 COG - -------------------------------------------------------------------------------------------------------------------------------- * These transactions relate to shares held by family members and entities established for their benefit. Page 6 of 7 Pages
================================================================================================================================ DATE TRANS SHARES PRICE ACCOUNT (A/D) ($) - -------------------------------------------------------------------------------------------------------------------------------- 09/09/97 A 1,000 35.5000 COGI - -------------------------------------------------------------------------------------------------------------------------------- 09/12/97 A 4,200 35.6250 CEF - -------------------------------------------------------------------------------------------------------------------------------- 09/12/97 A 4,200 35.6250 CELP - -------------------------------------------------------------------------------------------------------------------------------- 09/12/97 A 600 35.6250 COG - -------------------------------------------------------------------------------------------------------------------------------- 09/12/97 A 300 35.6250 COGI - -------------------------------------------------------------------------------------------------------------------------------- 09/12/97 A 200 35.6250 PAL - -------------------------------------------------------------------------------------------------------------------------------- 09/12/97 A 1,100 35.6250 QUE - -------------------------------------------------------------------------------------------------------------------------------- 9/16/97 A 4,200 35.3750 CEF - -------------------------------------------------------------------------------------------------------------------------------- 9/16/97 A 4,200 35.3750 CELP - -------------------------------------------------------------------------------------------------------------------------------- 9/16/97 A 300 35.3750 COGI - -------------------------------------------------------------------------------------------------------------------------------- 9/16/97 A 200 35.3750 PAL - -------------------------------------------------------------------------------------------------------------------------------- 9/16/97 A 1,100 35.3750 QUE - -------------------------------------------------------------------------------------------------------------------------------- 9/17/97 A 5,000 35.1250 COGI - -------------------------------------------------------------------------------------------------------------------------------- 9/18/97 A 2,500 34.8750 CEF - -------------------------------------------------------------------------------------------------------------------------------- 9/18/97 A 2,500 34.8750 CELP - -------------------------------------------------------------------------------------------------------------------------------- 9/24/97 A 8,400 34.6250 CEF - -------------------------------------------------------------------------------------------------------------------------------- 9/24/97 A 8,400 34.6250 CELP - -------------------------------------------------------------------------------------------------------------------------------- 9/24/97 A 600 34.6250 COGI - -------------------------------------------------------------------------------------------------------------------------------- 9/24/97 A 400 34.6250 PAL - -------------------------------------------------------------------------------------------------------------------------------- 9/24/97 A 2,200 34.6250 QUE - -------------------------------------------------------------------------------------------------------------------------------- 10/1/97 D (6,200) 36.8750 CEF - -------------------------------------------------------------------------------------------------------------------------------- 10/1/97 D (6,200) 36.8750 CELP - -------------------------------------------------------------------------------------------------------------------------------- 10/1/97 A 3,200 36.8750 COG - -------------------------------------------------------------------------------------------------------------------------------- 10/1/97 A 11,800 36.8750 COGI - -------------------------------------------------------------------------------------------------------------------------------- 10/1/97 D (300) 36.8750 PAL ================================================================================================================================ 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: October 7, 1997 CAMBRIDGE INVESTMENTS, LTD. By: /s/ Jocelyn Weingart ---------------------- Jocelyn Weingart, Vice President Page 7 of 7 Pages