EX-12.1 6 a2234309zex-12_1.htm EX-12.1
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Exhibit 12.1

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

		Nine Months Ended September 30,						Year Ended December 31,
		2017			2016			2016			2015			2014			2013			2012
Income (loss) from continuing operations before income taxes		$	(442,203	)	$	(805,346	)	$	(1,198,075	)	$	(427,535	)	$	(604,615	)	$	106,160		$	276,960
Less earnings (add losses) from affiliates, net of dividends			(6	)		221,918			221,914			84,275			7,102			800			299,717
Less subsidiary preferred stock dividends			—			—			—			—			(1,984	)		(3,000	)		(3,000	)
Add amortization of capitalized interest			12,403			12,416			16,462			16,123			14,901			13,282			12,600
Add fixed charges as adjusted (from below)			167,547			139,624			187,690			185,666			185,772			232,497			260,222
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings (i)		$	(262,259	)	$	(431,388	)	$	(772,009	)	$	(141,471	)	$	(398,824	)	$	349,739		$	846,499
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Fixed charges:
Interest expense:
Interest on indebtedness		$	145,385		$	132,995		$	179,030		$	174,680		$	171,761		$	217,347		$	245,706
Capitalized			1,706			5,986			6,650			20,359			24,441			13,045			18,957
Amortization of debt related costs(a)			20,428			4,808			6,331			7,248			6,187			6,071			6,198
Subsidiary preferred stock dividends			—			—			—			—			1,984			3,000			3,000
Interest portion of rental expense			1,734			1,821			2,329			3,738			5,840			6,079			5,318
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Fixed charges before adjustments (ii)			169,253			145,610			194,340			206,025			210,213			245,542			279,179
Less capitalized interest			(1,706	)		(5,986	)		(6,650	)		(20,359	)		(24,441	)		(13,045	)		(18,957	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Fixed charges as adjusted		$	167,547		$	139,624		$	187,690		$	185,666		$	185,772		$	232,497		$	260,222
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Ratio (earnings divided by fixed charges before adjustments) (i)/(ii)			N/A	(b)		N/A	(b)		N/A	(b)		N/A	(b)		N/A	(b)		1.42			3.03
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(a)

Includes deferred financing, discount and premium amortization.

(b)

The ratio of earnings to fixed charges was negative for the years ended December 31, 2016, 2015 and 2014 and the nine months ended September 30, 2017 and 2016. Additional earnings for these periods of $966.3 million, $347.5 million, $609.0 million, $431.5 million and $577.0 million, respectively, would be needed to have a one-to-one ratio of earnings to fixed charges.

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Exhibit 12.1

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