EX-12.1 5 a2236271zex-12_1.htm EX-12.1
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Exhibit 12.1

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

 
   Three Months Ended
March 31, 		  Year Ended December 31,  
 
   2018   2017   2017   2016   2015   2014   2013  

Income (loss) from continuing operations before income taxes

   $ (120,042 ) $ (173,237 ) $ (580,084 ) $ (1,198,075 ) $ (427,535 ) $ (604,615 ) $ 106,160  

Less earnings (add losses) from affiliates, net of dividends

     (2 )   (2 )   (7 )   221,914     84,275     7,102     800  

Less subsidiary preferred stock dividends

     —     —     —     —     —     (1,984 )   (3,000 )

Add amortization of capitalized interest

     4,139     4,142     16,381     16,462     16,123     14,901     13,282  

Add fixed charges as adjusted (from below)

     63,050     57,089     225,138     187,690     185,666     185,772     232,497  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings (i)

   $ (52,855 ) $ (112,008 ) $ (338,572 ) $ (772,009 ) $ (141,471 ) $ (398,824 ) $ 349,739  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges:

                                            

Interest expense:

                                            

Interest on indebtedness

   $ 54,996   $ 50,286   $ 195,307   $ 179,030   $ 174,680   $ 171,761   $ 217,347  

Capitalized

     329     671     2,749     6,650     20,359     24,441     13,045  

Amortization of debt related costs(a)

     7,301     6,232     27,583     6,331     7,248     6,187     6,071  

Subsidiary preferred stock dividends

     —     —     —     —     —     1,984     3,000  

Interest portion of rental expense

     753     571     2,248     2,329     3,738     5,840     6,079  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges before adjustments (ii)

     63,379     57,760     227,617     194,340     206,025     210,213     245,542  

Less capitalized interest

     (329 )   (671 )   (2,479 )   (6,650 )   (20,359 )   (24,441 )   (13,045 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges as adjusted

   $ 63,050   $ 57,089   $ 225,138   $ 187,690   $ 185,666   $ 185,772   $ 232,497  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio (earnings divided by fixed charges before adjustments) (i)/(ii)

     N/A (b)   N/A (b)   N/A (b)   N/A (b)   N/A (b)   N/A (b)   1.42  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(a)
Includes deferred financing, discount and premium amortization.

(b)
The ratio of earnings to fixed charges was negative for the years ended December 31, 2017, 2016, 2015, 2014 and the three months ended March 31, 2018 and 2017. Additional earnings for these periods of $566.2 million, $966.3 million, $347.5 million, $609 million, $116.2 million and $169.8 million, respectively, would be needed to have a one-to-one ratio of earnings to fixed charges.



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