Diamond Offshore Drilling (DODRW) 10-K 2017 FY Annual report

Exhibit 12.1

DIAMOND OFFSHORE DRILLING, INC.

Statement re Computation of Ratios

(In Thousands of Dollars)

Ratio of Earnings (Losses) to Fixed Charges:

	Year Ended December 31,
	2017			2016			2015			2014			2013
Computation of (Losses) Earnings:
Pretax (loss) income from continuing operations	$	(21,440	)	$	(468,299	)	$	(381,348	)	$	515,191		$	774,240
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		(90	)		(20,814	)		(16,308	)		(60,603	)		(74,237	)
Add: Previously capitalized interest amortized during the period		10,792			9,302			8,722			5,082			3,400
Total (losses) earnings, before fixed charge addition		(10,738	)		(479,811	)		(388,934	)		459,670			703,403
Computation of Fixed Charges:
Interest, including interest capitalized		117,192			113,869			112,812			126,160			103,547
Total fixed charges		117,192			113,869			112,812			126,160			103,547
Total Earnings (Losses) and Fixed Charges	$	106,454		$	(365,942	)	$	(276,122	)	$	585,830		$	806,950
Ratio of Earnings (Losses) to Fixed Charges(1)		0.91			(3.21	)(2)		(2.45	)(2)		4.64			7.79

(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.