EXHIBIT 12.1
PRIDE INTERNATIONAL, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
Year ended December 31,
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2001 2000 1999 1998 1997
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Earnings (losses) before income taxes and minority interest $154,613 $ 94,741 $(83,511) $197,724 $245,470
Add:
Interest on indebtedness 116,785 102,233 67,176 46,257 34,943
Capitalized interest 19,032 11,200 33,210 16,293 5,699
Interest on rentals 7,629 6,617 5,767 2,005 1,237
Amortization of deferred loan costs -- 2,295 1,797 1,686 1,425
Amortization of capitalized interest 3,090 2,962 1,778 504 128
Less:
Capitalized interest (19,032) (11,200) (33,210) (16,293) (5,699)
Minority interest (15,508) (10,812) (3,996) 60 --
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Earnings (losses) as adjusted $266,609 $198,036 $(10,989) $248,236 $283,203
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Fixed Charges:
Interest on indebtedness $116,785 $102,233 $ 67,176 $ 46,257 $ 34,943
Capitalized interest 19,032 11,200 33,210 16,293 5,699
Interest on rentals 7,629 6,617 5,767 2,005 1,237
Amortization of deferred loan costs -- 2,295 1,797 1,686 1,425
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Total fixed charges $143,446 $122,345 $107,950 $ 66,241 $ 43,304
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Ratio of earnings (losses) as adjusted to fixed charges 1.9x 1.6x -- 3.7x 6.5x
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For the year ended December 31, 1999, earnings were inadequate to cover fixed
charges by $118.9 million.