Exhibit 12.1

     For purposes of calculating the ratio of earnings to fixed charges, earnings consist of pretax income from continuing operations less undistributed earnings from unconsolidated affiliates (net of dividends) plus amortization of capitalized interest and fixed charges (excluding capitalized interest). Fixed charges consist of interest incurred (whether expensed or capitalized), amortization of debt expense, and that portion of rental expense on operating leases deemed to be the equivalent of interest. The following table sets forth Nabors’ ratio of earnings to fixed charges for each of the periods indicated:

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio amounts)

										For the Six Months
	Year Ended December 31,									Ended June 30,
	2005			2004			2003			2006			2005
Income before income taxes	$	873,950		$	335,838		$	174,623		$	722,090		$	342,952
Less earnings from affiliates, net of dividends		(2,600	)		(2,057	)		(919	)		(11,336	)		(5,707	)
Add amortization of capitalized interest		1,267			1,017			896			754			553
Add fixed charges as adjusted (from below)		47,867			51,389			74,107			21,852			23,576
Earnings	$	920,484		$	386,187		$	248,707		$	733,360		$	361,374
Fixed charges:
Interest expense:
Interest on indebtedness	$	19,084		$	23,055		$	39,585		$	15,230		$	9,327
Capitalized		4,173			1,887			903			4,286			1,743
Amortization of debt related costs (1)		25,763			25,452			31,155			4,993			12,743
Interest portion of rental expense		3,020			2,882			3,367			1,629			1,506
Fixed charges before adjustments		52,040			53,276			75,010			26,138			25,319
Less capitalized interest		(4,173	)		(1,887	)		(903	)		(4,286	)		(1,743	)
Fixed charges as adjusted	$	47,867		$	51,389		$	74,107		$	21,852		$	23,576
Ratio (earnings divided by fixed charges before adjustments)		17.69			7.25			3.32			28.06			14.27

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