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):                               July 21, 2008                              

Diamond Offshore Drilling, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware
  (State or Other Jurisdiction
of Incorporation) 1-13926
  (Commission File Number) 76-0321760
  (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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(d) On July 21, 2008, the Board of Directors (“Board”) of Diamond Offshore Drilling, Inc. (the “Company”) increased the number of directors constituting the entire Board of Directors from eight directors to nine and appointed Mr. Edward Grebow to the Board. The Board determined that Mr. Grebow is an independent director under New York Stock Exchange listing standards and appointed Mr. Grebow to serve on the Company’s Audit Committee and to act as its Chairman. Mr. Grebow will receive prorated compensation for his service on the Board in accordance with the Company’s standard compensatory arrangements for non-employee directors, which are described under the caption “Director Compensation” in the Company’s proxy statement for its 2008 Annual Meeting of Stockholders, which description is incorporated herein by reference.

     A copy of the Company’s press release announcing Mr. Grebow’s appointment is included as an exhibit to this report.

Item 9.01. Financial Statements and Exhibits

     (d) Exhibits.

Exhibit number	Description
99.1	Press Release dated July 21, 2008

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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: July 21, 2008

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EXHIBIT INDEX

Exhibit number	Description
99.1	Press Release dated July 21, 2008

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE CONTACT:	Les Van Dyke
	Director, Investor Relations
	(281) 492-5370

DIAMOND OFFSHORE DRILLING, INC. ANNOUNCES BOARD APPOINTMENT

Houston, Texas, July 21, 2008 — Diamond Offshore Drilling, Inc. (NYSE: DO) today announced that it has appointed Mr. Edward Grebow to the Company’s Board of Directors. Mr. Grebow’s career spans over 30 years in banking and finance. He currently serves as a Managing Director of J.C. Flowers & Co. LLC where he is responsible for analyzing, negotiating and managing bank, insurance company and other financial company acquisitions. During his career, Mr. Grebow has served as President or Chief Executive Officer of JP Morgan Leasefunding Corp.; Chyron Corporation; ULLICO Inc. and Union Labor Life Insurance Co. Mr. Grebow also served on the board of directors of Chyron Corporation and Panavision Inc., where he had significant interaction with outside public accounting firms. Mr. Grebow was appointed by the Governor of the State of New York and confirmed by the State Senate as a member of the New York State Hospital Review and Planning Council, where he served as a member of the Finance Committee of the Council with responsibility for assessing the financial soundness of hospitals and health care institutions in New York. He holds a BBA degree in Accounting and Finance from George Washington University.

Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling.

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