SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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

1. Name and Address of Reporting Person^*

SCHILLER JOHN D JR

(Last)

(First)

(Middle)

1021 MAIN

SUITE 2626

(Street)

HOUSTON

77002

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ENERGY XXI (BERMUDA) LTD [ EXXI ]

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

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2012

4. If Amendment, Date of 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

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	07/21/2012		J⁽¹⁾		94,595	A	⁽¹⁾	1,442,101	D
Common Stock	07/21/2012		J⁽¹⁾		34,480	D	⁽¹⁾	1,407,621	D
Common Stock	07/21/2012		J⁽²⁾		50,416	A	⁽²⁾	1,458,037	D
Common Stock	07/21/2012		J⁽²⁾		18,377	D	⁽²⁾	1,439,660	D
Common Stock	07/21/2012		J⁽³⁾		5,020	A	⁽³⁾	1,444,680	D
Common Stock	07/21/2012		J⁽³⁾		1,830	D	⁽³⁾	1,442,850	D
Common Stock								9,247.519	I	By 401 (K) Plan
Common Stock								21,000	I	By Energy XXI Deferred Compensation Plan

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Performance Units	⁽⁴⁾	07/21/2012		J⁽¹⁾			160,000	⁽¹⁾	⁽¹⁾	Common Stock	160,000	$0	0	D
Performance Units	⁽⁴⁾	07/21/2012		J⁽²⁾			180,000	⁽²⁾	⁽²⁾	Common Stock	180,000	$0	180,000	D
Performance Units	⁽⁴⁾	07/21/2012		J⁽³⁾			266,667	⁽³⁾	⁽³⁾	Common Stock	266,667	$0	533,333	D

Explanation of Responses:

1. Represents vesting of the last one-third of Mr. Schiller's performance units granted on July 21, 2009. Mr. Schiller elected to pay a tax liability arising upon vesting of the performance units by having the Issuer withhold shares that would have otherwise been issued to Mr. Schiller. The 34,480 shares withheld had a value equal to the tax liability.

2. Represents vesting of the second one-third of Mr. Schiller's performance units granted on July 21, 2010 Mr. Schiller elected to pay a tax liability arising upon vesting of the performance units by having the Issuer withhold shares that would have otherwise been issued to Mr. Schiller. The 18,377 shares withheld had a value equal to the tax liability.

3. Represents vesting of the first one-third of Mr. Schiller's performance units granted on July 21, 2011. Mr. Schiller elected to pay a tax liability arising upon vesting of the restricted stock units by having the Issuer withhold shares that would have otherwise been issued to Mr. Schiller. The 1,830 shares withheld had a value equal to the tax liability.

4. The performance units were awarded under The Energy XXI Services, LLC 2006 Long-Term Incentive Plan.

Remarks:

	/S/ JOHN D. SCHILLER, JR.	07/23/2012
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
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