Exhibit 12.1

Noble Corporation
Statement Regarding Computation of Ratios

	Twelve Months Ended December 31,
	2009			2008			2007			2006			2005
Earnings:
Pre-tax income from continuing operations before adjustment for noncontrolling interest in consolidated subsidiaries or income or loss from equity investees	$	2,037,215		$	1,913,586		$	1,490,653		$	921,845		$	361,507
Add: Fixed charges		66,378			55,347			66,523			56,298			35,443
Add: Amortization of capitalized interest		4,896			3,783			2,662			1,827			1,827
Less: Interest capitalized		(54,993	)		(47,727	)		(50,421	)		(37,853	)		(13,989	)
Total earnings	$	2,053,556		$	1,924,989		$	1,509,417		$	942,117		$	384,788
Fixed charges:
Interest expense (1)	$	1,685		$	4,388		$	13,111		$	16,167		$	19,786
Interest capitalized		54,933			47,727			50,421			37,853			13,989
Estimate of interest within rental expense		9,760			3,232			2,991			2,278			1,668
Total fixed charges	$	66,378		$	55,347		$	66,523		$	56,298		$	35,443
Ratio of Earnings to Fixed Charges		30.9			34.8			22.7			16.7			10.9

(1) Includes amortization of discounts and capitalized expenses related to indebtedness