  We perform a search for the exclusive radiative decay B0 --> phi gamma, which
is dominated by b d annihilation, in a sample of 124 million BB events
collected with the BABAR detector at the PEP-II asymmetric-energy e+e- storage
ring at SLAC. No significant signal is seen. We set an upper limit on the
branching fraction BR(B0 --> phi gamma < 8.5x10-7) at the 90% confidence level.
