8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_____________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 25, 2008  

Diamond Offshore Drilling, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	1-13926	76-0321760
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

15415 Katy Freeway

Houston, Texas 77094

(Address of Principal Executive Offices and Zip Code)

Registrant’s telephone number, including area code: (281) 492-5300  

Not Applicable

(Former name or former address, if changed since last report)

     Check the appropriate line below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure

     Diamond Offshore Drilling, Inc. (the “Company”) hereby incorporates by reference into this Item 7.01 the summary report of the status, as of February 25, 2008, of the Company’s offshore drilling rigs attached as Exhibit 99.1, which is being furnished in accordance with Rule 101(e)(1) under Regulation FD and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

     Statements in this report that contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, include, but are not limited to, statements regarding the current term, future dayrates, start and end dates and comments concerning future contracts and availability, letters of intent, utilization, surveys, downtime and other aspects of the Company’s drilling rigs, as well as statements concerning rigs being upgraded or to be upgraded and rigs under construction. Such statements are inherently subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or projected. A discussion of the risk factors that could impact these areas and the Company’s overall business and financial performance can be found in the Company’s reports and other documents filed with the Securities and Exchange Commission. These factors include, among others, general economic and business conditions, operating risks, casualty losses, industry fleet capacity, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations, customer preferences and various other matters, many of which are beyond the Company’s control. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the rig status report, and the Company undertakes no obligation to publicly update or revise any forward-looking statement.

Item 9.01. Financial Statements and Exhibits

     (d) Exhibits.

Exhibit number	Description
99.1	Rig Status Report as of February 25, 2008

2

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DIAMOND OFFSHORE DRILLING, INC.
By:	/s/ William C. Long
	William C. Long
	Senior Vice President, General Counsel and Secretary

Dated: February 26, 2008

3

EXHIBIT INDEX

Exhibit number	Description
99.1	Rig Status Report as of February 25, 2008

4

EX-99.1

Exhibit 99.1

1	DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
	February 25, 2008

RECENT COMMITMENTS — (See Body of Report For Contract Details/Date Changes and Other Information)
Ocean Victory									One well extension with Newfield
						Dayrate		Est.
Rig Name	WD	Location	Status	Operator	Current Term	(000s)	Start Date	End Date	Future Contracts and Other Information*
Domestic Deepwater Semisubmersibles (8)
Ocean Quest	3,500'	GOM	Contracted	Noble	two year term + option	upper 350’s	mid June 2007	mid June 2009	Available; actively marketing.
Ocean Star	5,500'	GOM	Contracted	Anadarko	term extension	mid 410’s	late Nov. 2007	late Nov. 2008	Available; actively marketing.
Ocean America	5,500'	GOM	Contracted	LLOG	two well assignment from Mariner	upper 460’s	mid Nov. 2007	early March 2008	476-day term with Mariner in upper 460’s beginning early March 2008 and ending early July 2009. Available, actively marketing.
Ocean Valiant	5,500'	GOM	Contracted	Anadarko	one year term extension	low 400’s	mid Mar. 2007	mid Mar. 2008	One-year term extension with Anadarko in upper 420’s beginning mid March 2008 and ending mid June 2009; term interrupted for special survey and maintenance expected to begin early June and end early Sept. 2008. Available; actively marketing.
Ocean Victory	5,500'	GOM	Contracted	Murphy	completion Murphy contract	upper 330’s	late July 2007	late July 2008	Callon and Newfield have swapped slots. Next up is now two wells with Callon in low 500’s beginning late July 2008 and ending late Jan. 2009; followed by one well with Newfield in low 300’s (swap from old Voyager contract in low 300’s) beginning late Jan. 2009 and ending late Mar. 2009; followed by one well extension with Newfield plus option in low 500’s beginning late Mar. 2009 and ending mid May 2009. Available; actively marketing.
Ocean Baroness	7,000'	GOM	Contracted	Hess	three year term extension	mid 360’s	late Nov. 2007	mid April 2010	Available; actively marketing.
Ocean Confidence	7,500'	GOM	Contracted	Murphy	four year term + option	low 500’s	late Feb. 2008	mid March 2012	Thruster maintenance early Oct. to mid Oct. 2008. Available.
Ocean Endeavor	10,000'	GOM	Contracted	Devon	four year term + option	mid 260’s	early July 2007	late June 2011	Available.
Domestic 2nd/3rd Generation Semisubmersibles (2)
Ocean Yorktown	2,850'	GOM	Contracted	DODI	prep, mobe and acceptance test for Brazil	—	—	early June 2008	Five-year term contract with Petrobras in Brazil in mid 230’s plus lump sum mobe and potential 15% bonus beginning in early June 2008 and ending in early June 2013. Available.
Ocean Saratoga	2,200'	GOM	Contracted	LLOG	six month term + option	low 300’s	late Oct. 2007	late April 2008	Available; actively marketing.

2	DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
	February 25, 2008

						Dayrate		Est.
Rig Name	WD	Location	Status	Operator	Current Term	(000s)	Start Date	End Date	Future Contracts and Other Information*
Domestic Jackups (7)
Ocean Crusader	200' MC	GOM	Contracted	Breton Energy	one well	upper 50’s	early Feb. 2008	early March 2008	Three wells plus option with Apache in low 60’s beginning early March and ending early June 2008. Available; actively marketing.
Ocean Drake	200' MC	GOM	Contracted	Fairways Offshore	two wells	low 60’s	late Oct. 2007	late Feb. 2008	One well extension plus option with Fairways in low 60’s beginning late Feb. and ending mid April 2008. 5-year survey and maintenance beginning early June and ending late July. Available; actively marketing.
Ocean Champion	250' MS	GOM	Contracted	Bois d'Arc	90-day term + option	low 50’s	mid Jan. 2008	mid April 2008	Available; actively marketing.
Ocean Spartan	300' IC	GOM	Contracted	Apache	three wells + option	low 60’s	mid Dec. 2007	early April 2008	Available; actively marketing.
Ocean Summit	300' IC	GOM	Contracted	Energy Partners	one well + option	low 70’s	mid Jan. 2008	late Mar. 2008	Available; actively marketing.
Ocean Titan	350' IC	GOM	Contracted	Apache	two wells	mid 80’s	mid Feb. 2008	early May 2008	Available; actively marketing.
Ocean Tower	350' IC	GOM	Contracted	Chevron	indexed term contract	low 140’s	early Dec. 2007	late April 2008	Indexed term contract with floor in low 140’s and ceiling in low 200’s. Available; actively marketing.
International Semisubmersibles (19
MEXICO
Ocean Ambassador	1,100'	Mexico	Contracted	PEMEX	112-day contract extension	low 190’s	mid Dec. 2007	mid April 2008	Mobe to U.S. GOM mid April to late April 2008. 5-year survey and maintenance mid June to early Sept. 2008. Available; actively marketing.
Ocean New Era	1,500'	Mexico	Contracted	PEMEX	2 1/2-year term	mid 260’s	late Oct. 2007	mid Feb. 2010	Available.
Ocean Voyager	3,000'	Mexico	Contracted	PEMEX	2-1/2 year term	mid 330’s	early Nov. 2007	late Feb. 2010	Available.
NORTH SEA/MED
Ocean Nomad	1,200'	North Sea	Contracted	Talisman	18-month extension	mid 280’s	early Feb. 2007	late Sept. 2008	Survey and maintenance beginning early July 2008 and ending late Aug. 2008; followed by resumption of Talisman extension ending late Sept. 2008; followed by two-year term extension with Talisman in mid 330’s beginning late Sept. 2008 and ending late Sept. 2010. Available; actively marketing.
Ocean Guardian	1,500'	North Sea	Contracted	Oilexco	two year term	low 350’s	early June 2007	mid July 2009	Intermediate survey and maintenance mid May to late June 2008. Available; actively marketing.
Ocean Princess	1,500'	North Sea	Contracted	Talisman	two year term extension	mid 330’s	mid Feb. 2008	mid April 2010	5-year survey and maintenance beginning mid Aug. and ending mid Oct. 2008. Available; actively marketing.
Ocean Vanguard	1,500'	North Sea	Contracted	Statoil	resume contract	low 160’s	mid Jan. 2008	mid April 2008	Two year extension plus option with Statoil in low 400’s beginning mid April 2008 and ending mid April 2010. Available; actively marketing.
Ocean Lexington	2,200'	Egypt	Contracted	BP	36 month term + option	mid 260’s	late Nov. 2006	mid Aug. 2009	Available; actively marketing.

3	DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
	February 25, 2008

						Dayrate		Est.
Rig Name	WD	Location	Status	Operator	Current Term	(000s)	Start Date	End Date	Future Contracts and Other Information*
AUSTRALASIA
Ocean Bounty	1,500'	Australia	Contracted	Chevron	sublet from Woodside	mid 350’s	early Feb. 2008	early Aug. 2008	Special Survey beginning early Aug. 2008 and ending mid Sept. 2008; followed by remainder of one-year term with Woodside in low 350’s beginning mid Sept. 2008 and ending mid March 2009. Available; actively marketing.
Ocean Patriot	1,500'	New Zealand	Contracted	DODI	survey and maintenance	—	—	early March 2008	Last option well exercised with Anzon in low 350’s beginning early March 2008 and ending mid April 2008; followed by remainder of Santos term plus option in high 370’s beginning mid April 2008 and ending late Nov. 2008; followed by two-year term contract in Australia at a dayrate between 380,000 and 420,000*** with Apache, plus option, beginning late Nov. 2008 and ending late Nov. 2010. Available; actively marketing.
Ocean Epoch	1,640'	Australia	Contracted	Shell	term program	low 280’s	early April 2006	late Feb. 2008	One year term contract with Apache in Australia at a dayrate between 330,000 and 365,000*** beginning late Feb. 2008 and ending late Feb. 2009; followed by 550-day term contract in Australia in low 350’s with BHPB, plus option, beginning late Feb. 2009 and ending early Sept. 2010. Available; actively marketing.
Ocean General	2,400'	Indonesia	Contracted	Inpex	one well	mid 170’s	late Feb. 2008	late May 2008	5-year survey and maintenance beginning late May and ending mid July 2008; followed by LOI for approximately 850 day’s work plus option in low 280’s beginning mid July 2008 and ending early Nov. 2010. Available; actively marketing.
Ocean Rover	7,000'	Malaysia	Contracted	Murphy	balance of previously declared option wells	high 240’s	late Feb. 2008	late Dec. 2008	UWILD survey and maintenance beginning early June 2008 and ending mid July; followed by balance of previously declared option wells in high 240’s beginning mid July and ending late Dec. 2008; followed by one well with Newfield in Malaysia in low 450’s beginning late Dec. 2008 and ending early Feb. 2009; followed by two-year term with Murphy in Malaysia in low 450’s beginning early early Feb. 2009 and ending early Feb. 2011. Available; actively marketing.

4	DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
	February 25, 2008

						Dayrate		Est.
Rig Name	WD	Location	Status	Operator	Current Term	(000s)	Start Date	End Date	Future Contracts and Other Information*
BRAZIL/TRINIDAD
Ocean Whittington	1,500'	Brazil	Contracted	Petrobras	five year term plus potential bonus	mid 220’s	late Aug. 2007	late Aug. 2012	Resume and complete contract upgrade work beginning early Oct. 2008 and ending late Nov. 2008; followed by resumption of five year term in mid 220’s plus potential 15% performance bonus. Available.
Ocean Concord	2,200'	Brazil	Contracted	Petrobras	five year term plus potential bonus	low 230’s	mid Jan. 2008	mid Jan. 2013	Available.
Ocean Yatzy	3,300'	Brazil	Contracted	Petrobras	four year extension plus potential bonus	mid 110’s	early Oct. 2005	early Oct. 2009	Five-year term extension in mid 240’s plus potential 10% performance bonus beginning early Oct. 2009 and ending early Oct. 2014. Available.
Ocean Winner	3,500'	Brazil	Contracted	Petrobras	four year extension plus potential bonus	low 110’s	mid Mar. 2006	mid Mar. 2010	Five-year term extension in low 270’s plus potential 10% performance bonus beginning mid Mar. 2010 and ending mid Mar. 2015. Available.
Ocean Worker	3,500'	Trinidad	Contracted	Petro-Canada	six-month term	low 450’s	mid Nov. 2007	early June 2008	Lump sum mobe to Brazil plus subsequent acceptance test beginning early June 2008 and ending mid Sept. 2008; followed by six-year term contract with Petrobras in low 270’s plus potential 10% performance bonus beginning mid Sept. 2008 and ending mid Sept. 2014. Available.
Ocean Alliance	5,000'	Brazil	Contracted	Petrobras	four year extension plus potential bonus	mid 150’s	mid Jan. 2008	early Sept. 2009	Six-year term extension in low 340’s plus potential 15% performance bonus beginning early Sept. 2009 and ending early Sept. 2015. Available.
International Drillships (1)
Ocean Clipper	7,500'	Brazil	Contracted	DODI	survey and maintenance	—	—	early April 2008	5-year survey and maintenance beginning late Jan. and ending early April 2008; resume five year extension in low 180’s plus potential 5% performance bonus ending mid Dec. 2010. Available.
International Jackups (6)
Ocean Columbia	250' IC	Mexico	Contracted	Pemex	1-1/2 year term	mid 120’s	late Jan. 2008	mid June 2009	Available; actively marketing.
Ocean Nugget	300' IC	Mexico	Contracted	Pemex	term contract	upper 160’s	early Oct 2006	late Mar. 2009	Available; actively marketing.
Ocean King	300' IC	Croatia	Contracted	CROSCO	two year bareboat charter	upper 100’s	mid Nov. 2007	mid Nov. 2009	Two-year bareboat charter with Crosco in high 100’s, beginning mid Nov. 2007 and ending mid Nov. 2009. Available; actively marketing.
Ocean Sovereign	300' IC	Indonesia	Contracted	Kodeco	18-month term + option	mid 90’s	mid Oct. 2006	mid-April 2008	Intermediate survey mid April to early May 2008; followed by two-year term extension with Kodeco in mid 140’s beginning early May 2008 and ending early May 2010. Available; actively marketing.
Ocean Heritage	300' IC	Qatar	Contracted	QPD	two wells + option	upper 170’s	late Aug. 2007	early March 2008	Available; actively marketing.
Ocean Spur	300' IC	Egypt	Shipyard	DODI	intermediate survey and maintenance	—	mid Feb. 2008	early March 2008	Intermediate survey mid Feb. to early March 2008; followed by one well with Gaz de France in Egypt in low 190’s beginning early March 2008 and ending late April 2008; followed by one well with British Gas in Egypt in mid 130’s beginning late April and ending in early June 2008. Available; actively marketing.

5	DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
	February 25, 2008

						Dayrate		Est.
Rig Name	WD	Location	Status	Operator	Current Term	(000s)	Start Date	End Date	Future Contracts and Other Information*
Upgrade (1)
Ocean Monarch	2,200'	Shipyard	Upgrading	DODI	—	—	—	—	Singapore shipyard for upgrade to 10,000 ft. capable 5th Generation rig. Estimated completion, including commissioning and commencement of mobe to GOM, late fourth quarter 2008; followed by completion of mobe to GOM and rig prep ending late Feb. 2009; followed by four-year term, plus option, with Anadarko in the GOM in the mid 420’s beginning late Feb. 2009 and ending late Feb. 2013. Available.
Newbuild Rigs Under Construction (2)
Ocean Shield	350' IC	Shipyard	—	—	—	—	—	—	Singapore shipyard, commissioning, mobe to Australia ending late May 2008; followed by one-year term in Australia with ENI in mid 260’s beginning upon delivery in the second quarter of 2008. Available; actively marketing.
Ocean Scepter	350' IC	Shipyard	—	—	—	—	—	—	Brownsville shipyard, commissioning ending late May 2008; followed by mobe to destination to be determined. Available; actively marketing.

NOTES: *Generally, rig utilization rates approach 95-98% during contracted periods; however, utilization rates can be adversely impacted by additional downtime due to unscheduled repairs and maintenance, weather conditions and other factors. **An LOI is subject to customary conditions, including the execution of a definitive agreement, and as such may not result in a binding contract. Options are un-priced and any extension of contract is subject to mutually agreeable terms and conditions unless otherwise indicated. Indexed contracts generally reprice every 30 days. Mobe revenues (if any) and mobe expenses are deferred, and generally are amortized over the life of the contract. GOM = Gulf of Mexico. ***Dayrate range disclosed pursuant to terms of contract.

Forward-Looking Statements: The rig status report may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain or be identified by the words “expect,” “intend,” “plan,” “predict,” “anticipate,” “estimate,” “believe,” “should,” “could,” “may,” “might,” “will,” “will be,” “will continue,” “will likely result,” “project,” “budget,” “forecast,” and similar expressions. Statements by the Company in the rig status report that contain forward-looking statements include, but are not limited to, statements regarding the current term, future dayrates, start and end dates and comments concerning future contracts and availability, letters of intent, utilization, surveys, downtime and other aspects of the Company’s drilling rigs, as well as statements concerning rigs being upgraded or to be upgraded and rigs under construction. Such statements are inherently subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or projected. A discussion of the risk factors that could impact these areas and the Company’s overall business and financial performance can be found in the Company’s reports and other documents filed with the Securities and Exchange Commission. These factors include, among others, general economic and business conditions, operating risks, casualty losses, industry fleet capacity, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations, customer preferences and various other matters, many of which are beyond the Company’s control. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the rig status report, and the Company undertakes no obligation to publicly update or revise any forward-looking statement.