EX-12.1 2 a2236515zex-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)

		Six Months Ended June 30,						Year Ended December 31,
		2018			2017			2017			2016			2015			2014			2013
Income (loss) from continuing operations before income taxes		$	(291,979	)	$	(308,209	)	$	(580,084	)	$	(1,198,075	)	$	(427,535	)	$	(604,615	)	$	106,160
Less earnings (add losses) from affiliates, net of dividends			(1	)		(2	)		(7	)		221,914			84,275			7,102			800
Less subsidiary preferred stock dividends			—			—			—			—			—			(1,984	)		(3,000	)
Add amortization of capitalized interest			8,251			8,272			16,381			16,462			16,123			14,901			13,282
Add fixed charges as adjusted (from below)			123,239			112,371			225,138			187,690			185,666			185,772			232,497
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings (i)		$	(160,490	)	$	(187,568	)	$	(338,572	)	$	(772,009	)	$	(141,471	)	$	(398,824	)	$	349,739
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Fixed charges:
Interest expense:
Interest on indebtedness		$	107,303		$	97,904		$	195,307		$	179,030		$	174,680		$	171,761		$	217,347
Capitalized			275			1,138			2,749			6,650			20,359			24,441			13,045
Amortization of debt related costs(a)			14,675			13,303			27,583			6,331			7,248			6,187			6,071
Subsidiary preferred stock dividends			—			—			—			—			—			1,984			3,000
Interest portion of rental expense			1,261			1,164			2,248			2,329			3,738			5,840			6,079
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Fixed charges before adjustments (ii)			123,514			113,509			227,617			194,340			206,025			210,213			245,542
Less capitalized interest			(275	)		(1,138	)		(2,479	)		(6,650	)		(20,359	)		(24,441	)		(13,045	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Fixed charges as adjusted		$	123,239		$	112,371		$	225,138		$	187,690		$	185,666		$	185,772		$	232,497
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
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)		N/A	(b)		1.42
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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, 2017, 2016, 2015, 2014 and the six months ended June 30, 2018 and 2017. Additional earnings for these periods of $566.2 million, $966.3 million, $347.5 million, $609 million, $284.0 million and $301.1 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)