Exhibit 12.1

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

			Year Ended December 31,															Six Months Ended
			2005			2006			2007			2008			2009			6/30/2009			6/30/2010
Income (loss) from continuing operations before income taxes			$	857,155		$	1,353,277		$	1,031,754		$	685,811		$	(235,116	)	$	(50,711	)	$	100,306
Less earnings (losses) from affiliates, net of dividends				(2,600	)		(18,111	)		(5,136	)		236,763			229,813			81,053			(10,379	)
Add amortization of capitalized interest				1,267			2,836			5,129			7,100			5,312			2,241			3,042
Add fixed charges as adjusted (from below)				47,786			123,652			158,803			201,128			268,771			135,075			133,811
Earnings	(1	)	$	903,608		$	1,461,654		$	1,190,550		$	1,130,802		$	268,780		$	167,658		$	226,780
Fixed charges:
Interest expense:
Interest on indebtedness			$	19,086		$	110,464		$	144,556		$	187,234		$	172,012		$	83,877		$	92,649
Capitalized				4,173			17,810			34,564			29,769			29,912			17,459			6,008
Amortization of debt related costs (a)				25,763			10,043			10,364			9,484			92,936			49,228			39,322
Interest portion of rental expense				2,937			3,145			3,883			4,410			3,823			1,970			1,840
Fixed charges before adjustments	(2	)		51,959			141,462			193,367			230,897			298,683			152,534			139,819
Less capitalized interest				(4,173	)		(17,810	)		(34,564	)		(29,769	)		(29,912	)		(17,459	)		(6,008	)
Fixed charges as adjusted			$	47,786		$	123,652		$	158,803		$	201,128		$	268,771		$	135,075		$	133,811
Ratio (earnings divided by fixed charges before adjustments)	(1)/	(2)		17.39			10.33			6.16			4.90			0.90			1.10			1.62

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