Exhibit 12

NABORS INDUSTRIES, LTD. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio amounts)

|  | Years Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  |  |  | Revised |  | Revised |
Income (loss) from continuing operations before income taxes |  | $ | 106,160 |  | $ | 276,960 |  | $ | 515,253 |
Less earnings (add losses) from affiliates, net of dividends |  |  | 800 |  |  | 299,717 |  |  | (161,189 | )
Less subsidiary preferred stock dividends |  |  | (3,000 | ) |  | (3,000 | ) |  | (3,000 | )
Add earnings (less losses) from affiliates net, from discontinued operations |  |  | — |  |  | — |  |  | (8,059 | )
Add amortization of capitalized interest |  |  | 13,282 |  |  | 12,600 |  |  | 11,376 |
Add fixed charges as adjusted (from below) |  |  | 232,497 |  |  | 260,222 |  |  | 265,078 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings(1) |  | $ | 349,739 |  | $ | 846,499 |  | $ | 619,459 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed charges: |  |  |  |  |  |  |  |  |  |
Interest expense: |  |  |  |  |  |  |  |  |  |
Interest on indebtedness |  | $ | 217,347 |  | $ | 245,706 |  | $ | 224,437 |
Capitalized |  |  | 13,045 |  |  | 18,957 |  |  | 23,351 |
Amortization of debt related costs(1) |  |  | 6,071 |  |  | 6,198 |  |  | 32,195 |
Subsidiary preferred stock dividends |  |  | 3,000 |  |  | 3,000 |  |  | 3,000 |
Interest portion of rental expense |  |  | 6,079 |  |  | 5,318 |  |  | 5,446 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed charges before adjustments(2) |  |  | 245,542 |  |  | 279,179 |  |  | 288,429 |
Less capitalized interest |  |  | (13,045 | ) |  | (18,957 | ) |  | (23,351 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed charges as adjusted |  | $ | 232,497 |  | $ | 260,222 |  | $ | 265,078 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ratio (earnings divided by fixed charges before adjustments)(1)/(2) |  |  | 1.42 |  |  | 3.03 |  |  | 2.15 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(1) Includes deferred financing, discount and premium amortization.