Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

We have computed the ratio of earnings to fixed charges for each of the following periods on a consolidated basis. For purposes of computing the ratio of earnings to fixed charges, “earnings” consist of pretax income (loss) from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees, plus distributed income of equity investees, plus fixed charges (excluding capitalized interest). “Fixed charges” represent 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. You should read the ratio of earnings to fixed charges in conjunction with our consolidated and condensed financial statements included in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

	Quarter Ended March 31,
				Year Ended December 31,
	2016			2015			2014			2013			2012			2011
				(Dollars in thousands)
Earnings:
Income (loss) before income taxes	$	(37,111	)	$	(478,170	)	$	262,521		$	143,588		$	(125,961	)	$	1,050
Deduct (income) loss from equity investees		123			124,345			(879	)		(2,965	)		(8,434	)		(22,215	)
Add distributed income of equity investees		1,200			7,000			8,790			12,260			16,230			26,180
Less capitalized interest		(1,916	)		(11,042	)		(10,419	)		(10,419	)		(4,893	)		(1,277	)
Add fixed charges		16,487			57,341			52,135			58,250			91,598			106,772
	$	(21,217	)	$	(300,526	)	$	312,148		$	200,714		$	(31,460	)	$	110,510
Fixed Charges:
Interest expense, net of capitalized amounts	$	11,128		$	28,982		$	22,645		$	36,881		$	77,938		$	97,875
Capitalized interest		1,916			11,042			10,419			10,419			4,893			1,277
Interest portion of rent expense		3,443			17,317			19,071			10,950			8,767			7,620
Total fixed charges	$	16,487		$	57,341		$	52,135		$	58,250		$	91,598		$	106,772
Ratio of Earnings to Fixed Charges		—	(a)		—	(a)		6.0			3.4			—	(a)		1.0

(a) For the quarter ended March 31, 2016 and the years ended December 31, 2015 and 2012, Helix recorded losses. As a result, Helix’s ratio coverage was less than 1:1. Helix would have needed to generate additional earnings of $37.7 million in the quarter ended March 31, 2016, $357.9 million in 2015 and $123.1 million in 2012 to achieve coverage of 1:1 in each of those periods.