Sadler99,
The perforated eardrum repair options alluded to by yourself and DocV, namely cauterization versus tympanoplasty, are reserved for eardrum damage that does not spontaneously heal. Cauterization technique is employed (usually) for small perforations, and it involves burning the eardrum tissue to form a closure by way of scar formation. Many ENT docs, however, resort to tympanoplasty to repair perforated eardrums. This procedure usually results in a better and more pliable long-term closure for ruptured eardrums. The procedure involves taking a small piece of tissue (oftentimes from the back-side of your ear), flattening out the tissue with a press to make it paper-thin, and placing it on top of the defect in the eardrum. The middle ear is packed with absorbable material to provide support for the eardrum while it heals, and the outer ear canal is likewise packed. Stitches are usually not required in order for the graft to "take", so follow-up only requires removal of the packing from the outer ear canal before inspection and compliance testing.
This procedure can result in a more-pliable eardrum than one repaired with electrocautery. This is an important distinction for you as a diver, if only because a more compliant eardrum (i.e. one that flexes as an un-injured eardrum would) would decrease the risk of repeat injury under circumstances experienced by divers who need to frequently equalize their middle ear spaces.
What does this mean for you? If your eardrum does not heal spontaneously, I would suggest that you obtain a consultation from an ENT doctor familiar with your favorite pasttime. He may well recommend tympanoplasty as the repair of choice in your circumstance. Your eardrum will need to be evaluated after surgery for compliance before you can return to the water, but there are divers out there that I have known and/or taken care of who are able to return to diving after this surgery. I will caution you, however, that you will need to be more careful with your new eardrum and not be overly aggressive with your equalization techniques, as you will likely be at risk for repeat injury for the rest of your diving career.
HTH,
Dan
Of course, this posting is for informational purposes only and should not, in any way, be construed as implying a doctor-patient relationship.