Nabors Industries (NBR) 8-K Other Events

EXHIBIT 12

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

	Years Ended December 31,
	2009			2008			2007
Income (loss) from continuing operations before income taxes	$	(162,071	)	$	731,254		$	1,035,416
Less earnings (add losses) from affiliates, net of dividends		170,565			199,477			(8,392	)
Add amortization of capitalized interest		5,312			7,100			5,129
Add fixed charges as adjusted		269,862			201,128			158,802
Earnings (1)	$	283,668		$	1,138,959		$	1,190,555
Fixed charges:
Interest expense:
Interest on indebtedness	$	173,103		$	187,234		$	144,555
Capitalized		28,821			29,769			34,564
Amortization of debt related costs (a)		92,936			9,484			10,364
Interest portion of rental expense		3,823			4,410			3,883
Fixed charges before adjustments (2)		298,683			230,897			193,366
Less capitalized interest		(28,821	)		(29,769	)		(34,564	)
Fixed charges as adjusted	$	269,862		$	201,128		$	158,802
Ratio (earnings divided by fixed charges before adjustments) (1)/(2)		.95	(b)		4.93			6.16

(a)	Includes deferred financing, discount and premium amortization.
(b)	Earnings for the year ended December 31, 2009 were inadequate to cover fixed charges by approximately $15.0 million.