Exhibit 12.1

Noble Corporation
Statement Regarding Computation of Ratios

	Three
	Months
	Ended
	March 31,			Twelve Months Ended December 31,
	2009			2008			2007			2006			2005			2004
Earnings:
Pre-tax income from continuing operations before adjustment for noncontrolling interest in consolidated subsidiaries or income or loss from equity investees	$	514,744		$	1,913,586		$	1,490,653		$	921,845		$	361,507		$	155,635
Add: Fixed charges		17,029			55,347			66,523			56,298			35,443			36,021
Add: Amortization of capitalized interest		1,074			3,783			2,662			1,827			1,827			1,827
Less: Interest capitalized		(15,371	)		(47,727	)		(50,421	)		(37,853	)		(13,989	)		—
Total earnings	$	517,476		$	1,924,989		$	1,509,417		$	942,117		$	384,788		$	193,483
Fixed charges:
Interest expense (1)	$	521		$	4,388		$	13,111		$	16,167		$	19,786		$	34,389
Interest capitalized		15,371			47,727			50,421			37,853			13,989			—
Estimate of interest within rental expense		1,137			3,232			2,991			2,278			1,668			1,632
Total fixed charges	$	17,029		$	55,347		$	66,523		$	56,298		$	35,443		$	36,021
Ratio of Earnings to Fixed Charges		30.4			34.8			22.7			16.7			10.9			5.4

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