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EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS
TEEKAY LNG PARTNERS L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
DEFINED IN ITEM 503(D) OF REGULATION S-K
(IN THOUSANDS EXCEPT RATIOS)
<Table>
<Caption>
YEARS ENDED DECEMBER 31,
-----------------------------
2004
-----------------------------
YEARS ENDED DECEMBER 31, JANUARY 1 TO MAY 1 TO
------------------------------- APRIL 30, DECEMBER 31,
2001 2002 2003 2004 2004
------ -------- ------- ------------ ------------
FIXED CHARGES:
Interest expense and amortization of
deferred financing costs 20,104 18,109 34,862 21,475 50,485
Write-off of capitalized loan costs 0 0 0 0 0
Capitalized interest 191 6,037 14,005 2,607 2,575
-----------------------------------------------------------------
TOTAL FIXED CHARGES (A) 20,295 24,146 48,867 24,082 53,060
-----------------------------------------------------------------
EARNINGS:
Add:
Net Income (loss) 2,129 (113,770) (59,432) 16,164 (84,395)
Add: Minority interest expense
(income) 259 200 200 100 0
Add: Income taxes expense (recovery) (663) 2,164 3,033 (645) 967
--------------------------------------------------------------------------------------------------------
Pretax income (loss) from continuing
operations before adjustment for
minority interests in consolidated
subsidiaries 1,725 (111,406) (56,199) 15,619 (83,428)
--------------------------------------------------------------------------------------------------------
Fixed charges 20,295 24,146 48,867 24,082 53,060
Amortization of capitalized interest 0 0 0 0 0
Subtract:
Capitalized interest (191) (6,037) (14,005) (2,607) (2,575)
Minority interest expense of
subsidiaries that have not incurred
fixed charges (259) (200) (200) (100) 0
-----------------------------------------------------------------
TOTAL EARNINGS AVAILABLE TO COVER FIXED
CHARGES (B) 21,570 (93,497) (21,537) 36,994 (32,943)
-----------------------------------------------------------------
RATIO OF EARNINGS TO FIXED CHARGES
(B/A) 1.28 (3.87) (0.44) 1.54 (0.62)
DOLLAR AMOUNT OF DEFICIENCY IN EARNINGS
TO FIXED CHARGES (117,643) (70,404) (86,003)
<Caption>
YEARS ENDED DECEMBER 31,
-----------------------------
2005
----------------------------- SIX MONTHS
JANUARY 1 TO MAY 10 TO ENDED
MAY 9, DECEMBER 31, JUNE 30,
2005 2005 2006
------------ ------------ ----------
FIXED CHARGES:
Interest expense and amortization of
deferred financing costs 35,679 37,623 40,005
Write-off of capitalized loan costs 7,462 0 0
Capitalized interest 0 2,493 600
----------------------------------------------
TOTAL FIXED CHARGES (A) 43,141 40,116 40,605
----------------------------------------------
EARNINGS:
Add:
Net Income (loss) 29,215 50,332 (14,758)
Add: Minority interest expense
(income) 0 0 (617)
Add: Income taxes expense (recovery) 2,648 (2,910) (378)
---------------------------------------------------------------------------------------
Pretax income (loss) from continuing
operations before adjustment for
minority interests in consolidated
subsidiaries 31,863 47,422 (15,753)
---------------------------------------------------------------------------------------
Fixed charges 43,141 40,116 40,605
Amortization of capitalized interest 0 22 104
Subtract:
Capitalized interest 0 (2,493) (600)
Minority interest expense of
subsidiaries that have not incurred
fixed charges 0 0 0
----------------------------------------------
TOTAL EARNINGS AVAILABLE TO COVER FIXED
CHARGES (B) 75,004 85,067 24,356
----------------------------------------------
RATIO OF EARNINGS TO FIXED CHARGES
(B/A) 1.74 2.12 0.60
DOLLAR AMOUNT OF DEFICIENCY IN EARNINGS
TO FIXED CHARGES (16,249)
</Table>