Diamond Offshore Drilling (DODRW) 8-K Entry into a Material Definitive Agreement

Exhibit 12.1

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

Ratio of Earnings to Fixed Charges:

	March 31,		Year Ended December 31,
	2009		2008(1)			2007(1)			2006(1)			2005(1)			2004(1)
Computation of Earnings:
Pretax income (loss) from continuing operations	$	453,337	$	1,847,613		$	1,246,537		$	966,332		$	356,395		$	(3,533	)
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		—		(16,870	)		(18,544	)		(9,796	)		(742	)		—
Add: Previously capitalized interest amortized during the period		695		1,881			1,449			1,249			1,249			1,249
Total earnings (losses), before fixed charge addition		454,032		1,832,624			1,229,442			957,785			356,902			(2,284	)
Computation of Fixed Charges:
Interest, including interest capitalized		1,528		28,842			39,267			35,132			43,574			30,330
Total fixed charges		1,528		28,842			39,267			35,132			43,574			30,330
Total Earnings (Losses) and Fixed Charges	$	455,560	$	1,861,466		$	1,268,709		$	992,917		$	400,476		$	28,046
Ratio of Earnings (Losses) to Fixed Charges(2)		298.14		64.54			32.31			28.26			9.19			N/A

(1)

The ratio of earnings to fixed charges for the five years ended December 31, 2008 have not been restated to reflect the effect thereon of the adoption on January 1, 2009 of Financial Accounting Standards Board Statement of Position on Accounting Principles Board Opinion No. 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (including Partial Cash Settlement)”.

(2)

The deficiency in our earnings available for fixed charges for the year ended December 31, 2004 was approximately $2.3 million. 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.