EX-12 2 a2223297zex-12.htm EX-12
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Exhibit 12

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

|  |  |  | 2014 |  | Years Ended December 31, 2013 |  | 2012 |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Income (loss) from continuing operations before income taxes |  |  |  | $ | (604,615 | ) | $ | 106,160 |  | $ | 276,960 |
Less earnings (add losses) from affiliates, net of dividends |  |  |  |  | 7,102 |  |  | 800 |  |  | 299,717 |
Less subsidiary preferred stock dividends |  |  |  |  | (1,984 | ) |  | (3,000 | ) |  | (3,000 | )
Add earnings (less losses) from affiliates net, from discontinued operations |  |  |  |  | — |  |  | — |  |  | — |
Add amortization of capitalized interest |  |  |  |  | 14,901 |  |  | 13,282 |  |  | 12,600 |
Add fixed charges as adjusted (from below) |  |  |  |  | 185,772 |  |  | 232,497 |  |  | 260,222 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings |  | (1) |  | $ | (398,824 | ) | $ | 349,739 |  | $ | 846,499 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense: |  |  |  |  |  |  |  |  |  |  |  |
Interest on indebtedness |  |  |  | $ | 171,761 |  | $ | 217,347 |  | $ | 245,706 |
Capitalized |  |  |  |  | 24,441 |  |  | 13,045 |  |  | 18,957 |
Amortization of debt related costs(1) |  |  |  |  | 6,187 |  |  | 6,071 |  |  | 6,198 |
Subsidiary preferred stock dividends |  |  |  |  | 1,984 |  |  | 3,000 |  |  | 3,000 |
Interest portion of rental expense |  |  |  |  | 5,840 |  |  | 6,079 |  |  | 5,318 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed charges before adjustments |  | (2) |  |  | 210,213 |  |  | 245,542 |  |  | 279,179 |
Less capitalized interest |  |  |  |  | (24,441 | ) |  | (13,045 | ) |  | (18,957 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed charges as adjusted |  |  |  | $ | 185,772 |  | $ | 232,497 |  | $ | 260,222 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ratio (earnings divided by fixed charges before adjustments) |  | (1)/(2) |  |  | N/A | (2) |  | 1.42 |  |  | 3.03 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

(1)
  Includes deferred financing, discount and premium amortization.
(2)
  The ratio of earnings to fixed charges was negative for the year ended December 31, 2014. Additional earnings of $609.0 million would be needed to have a one-to-one ratio of earnings to fixed charges.

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Exhibit 12

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