Mcdermott International (MDRIQ) 10-K2017 FY Annual report

Filed: 21 Feb 18, 12:00am

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Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

Our ratio of earnings to fixed charges is as follows (in thousands):

	2017		2016		2015		2014			2013
Earnings:
Income (loss) from continuing operations before provision for income taxes and noncontrolling interest	$	245,931	$	78,225	$	43,124	$	(45,321	)	$	(440,859	)
Interest expense and other		65,467		63,399		57,894		62,919			5,748
Portion of rents representative of the interest factor⁽¹⁾		14,834		11,994		13,480		35,516			38,850
	$	326,232	$	153,618	$	114,498	$	53,114		$	(396,261	)
Fixed charges:
Interest expense, including amount capitalized	$	67,062	$	74,624	$	73,603	$	85,361		$	8,886
Portion of rents representative of the interest factor⁽¹⁾		14,834		11,994		13,480		35,516			38,850
	$	81,896	$	86,618	$	87,083	$	120,877		$	47,736
Ratio of earnings to fixed charges⁽²⁾	3.98x		1.77x		1.31x		—			—

(1)	33% of rental expense

(2)	For 2014 and 2013, earnings were deficient to cover fixed charges by $67,763 and $443,997, respectively, primarily as a result of operating losses.

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