Exhibit 12

Nabors Industries, Ltd. and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges

			Year Ended December 31,
			2006			2005			2004
Income before income taxes from continuing operations			$	1,427,902		$	857,155		$	333,628
Less earnings from affiliates, net of dividends				(18,111	)		(2,600	)		(2,057	)
Add amortization of capitalized interest				1,855			1,267			1,017
Add fixed charges as adjusted (from below)				49,731			47,786			51,329
Earnings	(1	)	$	1,461,377		$	903,608		$	383,917
Fixed charges:
Interest expense:
Interest on indebtedness			$	36,543		$	19,086		$	23,055
Capitalized				9,495			4,173			1,887
Amortization of debt related costs (1)				10,043			25,763			25,452
Interest portion of rental expense				3,145			2,937			2,822
Fixed charges before adjustments	(2	)		59,226			51,959			53,216
Less capitalized interest				(9,495	)		(4,173	)		(1,887	)
Fixed charges as adjusted			$	49,731		$	47,786		$	51,329
Ratio (earnings divided by fixed charges before adjustments)	(1)/	(2)		24.67			17.39			7.21

(1) Includes deferred financing, discount and premium amortization.