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.