EXHIBIT 12.1

                          McDERMOTT INTERNATIONAL INC.
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



                                               Nine Months                   Nine-Month
                                                  Ended       Year Ended    Period Ended          Year Ended March 31,
                                              September 30,   December 31,   December 31, -------------------------------------
                                                   2001           2000          1999        1999          1998          1997
                                                 --------       --------       -------    ---------     ---------     ---------
                                                                                                    
EARNINGS:
     Income (loss) from continuing
       operations before provision for
       income taxes, extraordinary items
       and cumulative effect of
       accounting change ....................    $ 43,933       $ (9,977)      $35,098    $ 187,278     $ 291,807     $(220,697)

     Adjust for:
     Minority interest income ...............          --             --            --       (3,516)       (6,215)      (12,112)

     Equity in undistributed
       earnings of affiliates ...............     (11,072)        18,624        10,826        9,218       (11,901)       18,827

     Plus:
     Interest expense .......................      31,652         43,709        35,743       63,262        81,454        95,100

     Portion of rents representative
       of the interest factor ...............      11,909         14,687        11,616       32,272        31,019        30,844
                                                 --------       --------       -------    ---------     ---------     ---------
                                                 $ 76,422       $ 67,043       $93,283    $ 288,514     $ 386,164     $ (88,038)
                                                 ========       ========       =======    =========     =========     =========
FIXED CHARGES:
     Interest expense, including
       amount capitalized ...................    $ 32,673       $ 46,098       $37,679    $  63,840     $  82,347     $  95,924

     Portion of rents representative
       of the interest factor ...............      11,909         14,687        11,616       32,272        31,019        30,844
                                                 --------       --------       -------    ---------     ---------     ---------
                                                 $ 44,582       $ 60,785       $49,295    $  96,112     $ 113,366     $ 126,768
                                                 ========       ========       =======    =========     =========     =========
Ratio of earnings to fixed charges ..........        1.71           1.10          1.89         3.00          3.41            --
                                                 --------       --------       -------    ---------     ---------     ---------
Earnings surplus (deficit) ..................    $ 31,840       $  6,258       $43,988    $ 192,402     $ 272,798     $(214,806)