EXHIBIT 12

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

			Years Ended December 31,
			2010			2009			2008
Income (loss) from continuing operations before income taxes			$	82,046		$	(162,071	)	$	731,254
Less earnings (add losses) from affiliates, net of dividends				(13,630	)		229,813			236,763
Less subsidiary preferred stock dividends				(750	)		—			—
Add earnings (less losses) from affiliates, net, from discontinued operations				(10,628	)		(59,248	)		(37,286	)
Add amortization of capitalized interest				6,089			5,312			7,100
Add fixed charges as adjusted				277,800			269,862			201,128
Earnings	(1	)	$	340,927		$	283,668		$	1,138,959
Fixed charges:
Interest expense:
Interest on indebtedness			$	196,895		$	173,103		$	187,234
Capitalized				12,116			28,821			29,769
Amortization of debt related costs (a)				76,149			92,936			9,484
Subsidiary preferred stock dividends				750			—			—
Interest portion of rental expense				4,006			3,823			4,410
Fixed charges before adjustments	(2	)		289,916			298,683			230,897
Less capitalized interest				(12,116	)		(28,821	)		(29,769	)
Fixed charges as adjusted			$	277,800		$	269,862		$	201,128
Ratio (earnings divided by fixed charges before adjustments)	(1)/	(2)		1.18			.95	(b)		4.93

(a)	Includes deferred financing, discount and premium amortization.
(b)	Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges by approximately $15.0 million.