Diamond Offshore Drilling (DODRW) 8-K Diamond Offshore Announces Public Debt Offering

Exhibit 12.1

DIAMOND OFFSHORE DRILLING, INC.

Statement of Computation of Ratio of Earnings to Fixed Charges

(In Thousands of Dollars)

Ratio of (Losses) Earnings to Fixed Charges:

	Six Months Ended June 30, 2017			Year Ended December 31,
				2016			2015			2014			2013			2012
Computation of (Losses) Earnings:
Pretax (loss) income from continuing operations	$	17,442		$	(468,299	)	$	(381,348	)	$	515,191		$	774,240		$	918,081
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		(3	)		(20,814	)		(16,308	)		(60,603	)		(74,237	)		(37,674	)
Add: Previously capitalized interest amortized during the period		5,396			9,302			8,722			5,082			3,400			3,400
Total (losses) earnings, before fixed charge addition		22,835			(479,811	)		(388,934	)		459,670			703,403			883,807
Computation of Fixed Charges:
Interest, including interest capitalized		56,592			113,869			112,812			126,160			103,547			87,449
Total fixed charges		56,592			113,869			112,812			126,160			103,547			87,449
Total (Losses) Earnings and Fixed Charges	$	79,427		$	(365,942	)	$	(276,122	)	$	585,830		$	806,950		$	971,256
Ratio of (Losses) Earnings to Fixed Charges(1)		1.40			(3.21	)(2)		(2.45	)(2)		4.64			7.79			11.11

⁽¹⁾ 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.

⁽²⁾ The deficiency in our earnings available for fixed charges for the years ended December 31, 2016 and 2015 was $479.8 million and $388.9 million, respectively.