Diamond Offshore Drilling (DODRW) 10-K2007 FY Annual report

Filed: 25 Feb 08, 12:00am

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Exhibit 12.1

DIAMOND OFFSHORE DRILLING, INC.
Statement re Computation of Ratios
(Thousands of Dollars)

Ratio of Earnings to Fixed Charges:


	Year Ended December 31,
	2007			2006			2005			2004			2003

Computation of Earnings:

Pretax income (loss) from continuing operations	$	1,246,537		$	966,332		$	356,395		$	(3,533	)	$	(54,237	)
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		(18,544	)		(9,796	)		(742	)		—			(2,201	)
Add: Previously capitalized interest amortized during the period		1,449			1,249			1,249			1,249			1,166

Total earnings (losses), before fixed charge addition		1,229,442			957,785			356,902			(2,284	)		(55,272	)


Computation of Fixed Charges:

Interest, including interest capitalized		39,267			35,132			43,574			30,330			26,737

Total fixed charges		39,267			35,132			43,574			30,330			26,737


Total Earnings (Losses) and Fixed Charges	$	1,268,709		$	992,917		$	400,476		$	28,046		$	(28,535	)


Ratio of Earnings (Losses) to Fixed Charges₍₁₎		32.31			28.26			9.19			N/A			N/A


(1)		The deficiency in our earnings available for fixed charges for the year ended December 31, 2004 and 2003 was approximately $2.3 million and $55.3 million, respectively. 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.