Edgar Filing: KRENEK GARY T

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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3235-0287

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January 31, 2005

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

KRENEK GARY T

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)
Vice President and C.F.O.

(Last)

(First)

(Middle)

15415 KATY FREEWAY, SUITE 100

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2005

(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	12/01/2005		M		5,000	A	$ 43.03	5,000	D
Common Stock	12/01/2005		S		5,000	D	$ 64	0	D
Common Stock	12/01/2005		M		1,300	A	$ 38.94	1,300	D
Common Stock	12/01/2005		S		1,300	D	$ 64	0	D
Common Stock	12/01/2005		M		1,300	A	$ 33.51	1,300	D
Common Stock	12/01/2005		S		1,300	D	$ 64	0	D
Common Stock	12/01/2005		M		1,300	A	$ 24.6	1,300	D
Common Stock	12/01/2005		S		1,300	D	$ 64	0	D
Common Stock	12/01/2005		M		1,300	A	$ 30.53	1,300	D
Common Stock	12/01/2005		S		1,300	D	$ 64	0	D
Common Stock	12/01/2005		M		1,125	A	$ 29.33	1,125	D
Common Stock	12/01/2005		S		1,125	D	$ 64	0	D
Common Stock	12/01/2005		M		1,125	A	$ 29.2	1,125	D
Common Stock	12/01/2005		S		1,125	D	$ 64	0	D
Common Stock	12/01/2005		M		1,125	A	$ 19.88	1,125	D
Common Stock	12/01/2005		S		1,125	D	$ 64	0	D
Common Stock	12/01/2005		M		1,125	A	$ 21.93	1,125	D
Common Stock	12/01/2005		S		1,125	D	$ 64	0	D
Common Stock	12/01/2005		M		625	A	$ 19.78	625	D
Common Stock	12/01/2005		S		625	D	$ 64	0	D
Common Stock	12/01/2005		M		625	A	$ 21.23	625	D
Common Stock	12/01/2005		S		625	D	$ 64	0	D
Common Stock	12/01/2005		M		625	A	$ 19.08	625	D
Common Stock	12/01/2005		S		625	D	$ 64	0	D
Common Stock	12/01/2005		M		625	A	$ 20.77	625	D
Common Stock	12/01/2005		S		625	D	$ 64	0	D
Common Stock	12/01/2005		M		312	A	$ 22.49	312	D
Common Stock	12/01/2005		S		312	D	$ 64	0	D
Common Stock	12/01/2005		M		312	A	$ 23.65	312	D
Common Stock	12/01/2005		S		312	D	$ 64	0	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

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)

$ 43.03

12/01/2005

5,000

05/16/2001

05/16/2010

Common Stock

5,000

$ 0

Stock Option (right to buy)

$ 38.94

12/01/2005

1,300

04/12/2002

04/12/2011

Common Stock

1,300

$ 0

Stock Option (right to buy)

$ 33.51

12/01/2005

1,300

04/12/2002

07/02/2011

Common Stock

1,300

$ 0

Stock Option (right to buy)

$ 24.6

12/01/2005

1,300

04/12/2002

10/01/2011

Common Stock

1,300

$ 0

Stock Option (right to buy)

$ 30.53

12/01/2005

1,300

04/12/2002

01/02/2012

Common Stock

1,300

$ 0

Stock Option (right to buy)

$ 29.33

12/01/2005

1,125

04/15/2003⁽¹⁾

04/15/2012

Common Stock

1,125

$ 0

375

Stock Option (right to buy)

$ 29.2

12/01/2005

1,125

04/15/2003⁽¹⁾

07/01/2012

Common Stock

1,125

$ 0

375

Stock Option (right to buy)

$ 19.88

12/01/2005

1,125

04/15/2003⁽¹⁾

10/01/2012

Common Stock

1,125

$ 0

375

Stock Option (right to buy)

$ 21.93

12/01/2005

1,125

04/15/2003⁽¹⁾

12/31/2012

Common Stock

1,125

$ 0

375

Stock Option (right to buy)

$ 19.78

12/01/2005

625

04/22/2004⁽²⁾

04/22/2013

Common Stock

625

$ 0

625

Stock Option (right to buy)

$ 21.23

12/01/2005

625

04/22/2004⁽²⁾

07/01/2013

Common Stock

625

$ 0

625

Stock Option (right to buy)

$ 19.08

12/01/2005

625

04/22/2004⁽²⁾

10/01/2013

Common Stock

625

$ 0

625

Stock Option (right to buy)

$ 20.77

12/01/2005

625

04/22/2004⁽²⁾

12/31/2013

Common Stock

625

$ 0

625

Stock Option (right to buy)

$ 22.49

12/01/2005

312

05/18/2005⁽³⁾

05/18/2014

Common Stock

312

$ 0

938

Stock Option (right to buy)

$ 23.65

12/01/2005

312

05/18/2005⁽³⁾

07/01/2014

Common Stock

312

$ 0

938

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
KRENEK GARY T 15415 KATY FREEWAY SUITE 100 HOUSTON, TX 77094			Vice President and C.F.O.

Signatures

/s/ William C. Long Attorney-in-Fact for Gary T. Krenek		12/02/2005
^**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)	The options vested in three equal annual installments on April 15, 2003, 2004 and 2005.
(2)	The options vested in two equal annual installments on April 22, 2004 and April 22, 2005.
(3)	The options vested on May 18, 2005.
Remarks: Form 1 of 2 dated December 2, 2005.

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