Edgar Filing: Baudoin Mark F

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Baudoin Mark F

2. Issuer Name and Ticker or Trading Symbol
DIAMOND OFFSHORE DRILLING INC [DO]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Senior Vice President

(Last)

(First)

(Middle)

15415 KATY FREEWAY, SUITE 100

3. Date of Earliest Transaction (Month/Day/Year)
05/17/2007

(Street)

HOUSTON, TX 77094

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/17/2007		M		313	A	$ 19.78	313	D
Common Stock	05/17/2007		S		313	D	$ 90	0	D
Common Stock	05/17/2007		M		313	A	$ 21.23	313	D
Common Stock	05/17/2007		S		313	D	$ 90	0	D
Common Stock	05/17/2007		M		313	A	$ 19.08	313	D
Common Stock	05/17/2007		S		313	D	$ 90	0	D
Common Stock	05/17/2007		M		313	A	$ 20.77	313	D
Common Stock	05/17/2007		S		313	D	$ 90	0	D
Common Stock	05/17/2007		M		313	A	$ 45.77	313	D
Common Stock	05/17/2007		S		313	D	$ 90	0	D
Common Stock	05/17/2007		M		313	A	$ 61.9	313	D
Common Stock	05/17/2007		S		313	D	$ 90	0	D
Common Stock	05/17/2007		M		313	A	$ 53.6	313	D
Common Stock	05/17/2007		S		313	D	$ 90	0	D
Common Stock	05/17/2007		M		313	A	$ 69.38	313	D
Common Stock	05/17/2007		S		313	D	$ 90	0	D
Common Stock	05/18/2007		M		312	A	$ 22.49	312	D
Common Stock	05/18/2007		S		312	D	$ 92.2833	0	D
Common Stock	05/18/2007		M		312	A	$ 23.65	312	D
Common Stock	05/18/2007		S		312	D	$ 92.2833	0	D
Common Stock	05/18/2007		M		312	A	$ 32.78	312	D
Common Stock	05/18/2007		S		312	D	$ 92.2833	0	D
Common Stock	05/18/2007		M		312	A	$ 39.98	312	D
Common Stock	05/18/2007		S		312	D	$ 92.2833	0	D
Common Stock								196.4074	I	By 401(k) Plan ⁽¹⁾

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (right to buy)

$ 19.78

05/17/2007

313

04/22/2007⁽²⁾

04/22/2013

Common Stock

313

$ 0

Stock Option (right to buy)

$ 21.23

05/17/2007

313

04/22/2007⁽²⁾

07/01/2013

Common Stock

313

$ 0

Stock Option (right to buy)

$ 19.08

05/17/2007

313

04/22/2007⁽²⁾

10/01/2013

Common Stock

313

$ 0

Stock Option (right to buy)

$ 20.77

05/17/2007

313

04/22/2007⁽²⁾

12/31/2013

Common Stock

313

$ 0

Stock Option (right to buy)

$ 45.77

05/17/2007

313

04/19/2007⁽³⁾

04/19/2015

Common Stock

313

$ 0

625 ⁽⁴⁾

Stock Option (right to buy)

$ 61.9

05/17/2007

313

04/19/2007⁽³⁾

10/03/2015

Common Stock

313

$ 0

625 ⁽⁴⁾

Stock Option (right to buy)

$ 53.6

05/17/2007

313

04/19/2007⁽³⁾

07/01/2015

Common Stock

313

$ 0

625 ⁽⁴⁾

Stock Option (right to buy)

$ 69.38

05/17/2007

313

04/19/2007⁽³⁾

12/31/2015

Common Stock

313

$ 0

625 ⁽⁴⁾

Stock Option (right to buy)

$ 22.49

05/18/2007

312

05/18/2007⁽⁵⁾

05/18/2014

Common Stock

312

$ 0

313 ⁽⁶⁾

Stock Option (right to buy)

$ 23.65

05/18/2007

312

05/18/2007⁽⁵⁾

07/01/2014

Common Stock

312

$ 0

313 ⁽⁶⁾

Stock Option (right to buy)

$ 32.78

05/18/2007

312

05/18/2007⁽⁵⁾

10/01/2014

Common Stock

312

$ 0

313 ⁽⁶⁾

Stock Option (right to buy)

$ 39.98

05/18/2007

312

05/18/2007⁽⁵⁾

12/31/2014

Common Stock

312

$ 0

313 ⁽⁶⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Baudoin Mark F 15415 KATY FREEWAY SUITE 100 HOUSTON, TX 77094			Senior Vice President

Signatures

/s/ William C. Long Attorney-in-Fact for Mark F. Baudoin		05/21/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Based on a plan statement as of May 18, 2007.
(2)	The options vested on April 22, 2007.
(3)	The options vested on April 19, 2007.
(4)	The options vest in two annual installments beginning on April 19, 2008.
(5)	The options vested on May 18, 2007.
(6)	The options vest on May 18, 2008.

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