Nabors Industries (NBR) 10-K2014 FY Annual report

Filed: 2 Mar 15, 12:00am

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New words: abetted, absorb, AC, accrual, accuracy, aforementioned, aided, analytical, ascertained, attack, attest, await, ban, banning, begun, bench, breadth, broader, built, Chancery, circumvention, CJ, Colorado, complied, comply, Comstock, contest, contested, contesting, coupled, coupon, cutting, cyber, cybersecurity, deficiency, delivery, denial, desert, Deutag, difficult, disallowed, dispute, effluent, embrace, enjoin, enjoined, enjoining, Ensign, error, evolving, expedited, fact, FCPA, fell, footnote, foregone, fraud, heard, hour, illegal, inaccurate, incorrectly, inducement, internationally, isolated, isolation, jeopardize, join, Joshua, JRC, KCA, legacy, Lion, lose, Mexican, milestone, motion, newbuild, Norway, Norwegian, notably, NYSE, opportunity, overstatement, overturned, Overview, partner, phase, plaintiff, Precision, preclude, preliminarily, prepay, presence, presumption, proceeding, professional, proforma, promised, putative, quickly, rain, recast, reconciling, regular, reheard, rehearing, rendered, repatriate, reputation, rescinded, rescission, resolve, Restrepo, ROCKIT, royalty, rulemaking, Saipem, Savanna, saving, SCR, SDWA, sharply, shedding, shorter, simultaneously, slowly, sophisticated, stagnant, stake, steerable, stockholder, store, summer, taxpayer, thaw, theInternal, ticker, Toxic, tropical, twelve, understated, undertaken, undertook, unionized, unique, unnoticed, unpredictable, unrealizable, unresolved, vacant, vacated, verdict, Vice, wet, worksite, yard

Removed: accrue, Achieve, adhere, adjacent, afloat, aggregated, Alaskan, albeit, annum, arranged, artificial, assembled, assistance, attractive, Australia, auxiliary, bad, banking, Barbara, bargaining, barge, Bcfe, began, bit, bore, branch, budget, bulk, cantilever, Canyon, carrier, Cat, characteristically, charitable, circulate, circulating, Citigroup, clark, classification, coastal, commonly, conform, constituting, convertible, Crown, curtail, deal, deck, decommissioning, deeper, delivering, deny, Deputy, derrick, diameter, dismantled, dissolution, dissolved, divested, domestic, downtime, drill, economy, enacted, engine, ensuring, equipped, Eugene, European, eventually, exchangeable, exchanged, expand, feasible, feature, Fenner, finalized, finalizing, fix, floating, floor, flowing, forego, foundation, fulfill, funding, great, growing, headcount, heavier, helicopter, hoist, hole, hourly, hull, hundred, icy, improving, inland, Introduction, involuntarily, Isenberg, jacking, landing, larger, length, leverage, liquid, liquidated, liquidation, loading, lowered, lowering, LP, Lynch, magnitude, mast, mat, matured, Merrill, Miller, modular, moored, Morgan, Myron, NDIL, nonperforming, nonstrategic, objective, onsite, perpetual, phone, Pierce, pipe, planning, PNC, Poor, Preference, principally, procurement, productive, proportion, prosper, protocol, prudent, quantify, realization, recordkeeping, regularly, relevant, Remora, reorganization, reorganized, repairing, reversal, reverse, rigwatchtm, road, rock, ROCKITTM, run, Santa, scrap, shallow, Sheinfeld, slower, Smith, soft, sovereign, stable, Stanley, statute, steel, string, suitable, summarizing, supplement, surface, taxed, thereon, towed, trained, transported, trucking, unconventional, undeclared, understand, unloading, unrecognized, unrelated, updated, voluntarily, week, winding, wood, wound

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Exhibit 12

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

		2014			Years Ended December 31, 2013			2012

Income (loss) from continuing operations before income taxes		$	(604,615	)	$	106,160		$	276,960
Less earnings (add losses) from affiliates, net of dividends			7,102			800			299,717
Less subsidiary preferred stock dividends			(1,984	)		(3,000	)		(3,000	)
Add earnings (less losses) from affiliates net, from discontinued operations			—			—			—
Add amortization of capitalized interest			14,901			13,282			12,600
Add fixed charges as adjusted (from below)			185,772			232,497			260,222

Earnings	(1)	$	(398,824	)	$	349,739		$	846,499

Fixed charges:
Interest expense:
Interest on indebtedness		$	171,761		$	217,347		$	245,706
Capitalized			24,441			13,045			18,957
Amortization of debt related costs(1)			6,187			6,071			6,198
Subsidiary preferred stock dividends			1,984			3,000			3,000
Interest portion of rental expense			5,840			6,079			5,318

Fixed charges before adjustments	(2)		210,213			245,542			279,179
Less capitalized interest			(24,441	)		(13,045	)		(18,957	)

Fixed charges as adjusted		$	185,772		$	232,497		$	260,222

Ratio (earnings divided by fixed charges before adjustments)	(1)/(2)		N/A	(2)		1.42			3.03

(1): Includes deferred financing, discount and premium amortization.
(2): The ratio of earnings to fixed charges was negative for the year ended December 31, 2014. Additional earnings of $609.0 million would be needed to have a one-to-one ratio of earnings to fixed charges.

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Exhibit 12

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