Noble 8-K Other Events

Exhibit 12.1

Noble Corporation
Statement Regarding Computation of Ratios

	Three Months Ended March 31,						Twelve Months Ended December 31,
	2010			2009			2009			2008			2007
Earnings:
Pre-tax income from continuing operations before adjustment for noncontrolling interest in consolidated subsidiaries or income or loss from equity investees	$	434,029		$	514,744		$	2,037,215		$	1,913,586		$	1,490,653
Add: Fixed charges		16,036			17,639			66,378			55,347			66,523
Add: Amortization of capitalized interest		1,659			1,074			4,896			3,783			2,662
Less: Interest capitalized		(13,225	)		(15,371	)		(54,933	)		(47,727	)		(50,421	)
Total earnings	$	438,499		$	518,086		$	2,053,556		$	1,924,989		$	1,509,417
Fixed charges:
Interest expense (1)		465			521		$	1,685		$	4,388		$	13,111
Interest capitalized		13,225			15,371			54,933			47,727			50,421
Estimate of interest within rental expense		2,346			1,747			9,760			3,232			2,991
Total fixed charges	$	16,036		$	17,639		$	66,378		$	55,347		$	66,523
Ratio of Earnings to Fixed Charges		27.3			29.4			30.9			34.8			22.7

(1) Includes amortization of discounts and capitalized expenses related to indebtedness