$re = '/(\bKEYWORD|(?!^)\G).*?\KSEARCHWORD/s';
$str = 'Lorem ipsum dolor SEARCHWORD sit amet, consectetur adipiscing elit. Fusce lacus nisl, feugiat laoreet dignissim sit amet, KEYWORD gravida vel velit. Nunc SEARCHWORD elementum risus orci, ac tristique sem fringilla SEARCHWORD eget. Morbi maximus lectus nulla, sed tempor nibh SEARCHWORD condimentum ut. Sed tincidunt cursus nibh';
$subst = "<b>SEARCHWORD</b>";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php