Exhibit 12.1

DIAMOND OFFSHORE DRILLING, INC.

Statement re Computation of Ratios

(In Thousands of Dollars)

Ratio of Earnings to Fixed Charges:

	Year Ended December 31,
	2014			2013			2012			2011			2010
Computation of Earnings:
Pretax income (loss) from continuing operations	$	515,191		$	774,240		$	918,081		$	1,179,271		$	1,336,016
Less: Interest capitalized during the period and actual preferred dividend requirements of majority-owned subsidiaries and 50%-owned persons included in fixed charges but not deducted from pretax income from above		(60,603	)		(74,237	)		(37,674	)		(11,212	)		—
Add: Previously capitalized interest amortized during the period		5,082			3,400			3,400			3,400			3,400
Total earnings (losses), before fixed charge addition		459,670			703,403			883,807			1,171,459			1,339,416
Computation of Fixed Charges:
Interest, including interest capitalized		126,160			103,547			87,449			87,425			93,334
Total fixed charges		126,160			103,547			87,449			87,425			93,334
Total Earnings (Losses) and Fixed Charges	$	585,830		$	806,950		$	971,256		$	1,258,884		$	1,432,750
Ratio of Earnings (Losses) to Fixed Charges (1)		4.64			7.79			11.11			14.40			15.35

(1) For purposes of this ratio, fixed charges include (i) interest, whether expensed or capitalized, (ii) amortization of debt issuance costs, whether expensed or capitalized, and (iii) a portion of rent expense, which we believe represents the interest factor attributable to rent.