EXHIBIT 12.1 PARKER DRILLING COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in thousands) <Table> <Caption> Four Months Three Months Year Ended August 31, Ended Year ended December 31, Ended ------------------------- December 31, -------------------------------- March 31, 1997 1998 1998 1999 2000 2001 2002 ----------- ----------- ------------ -------- -------- -------- ------------ Income (loss) before income taxes $ 23,556 $ 44,527 $ (16,268) $(40,577) $(18,658) $ 23,647 $ (8,518) Interest expense 31,411 47,017 16,765 53,841 54,805 50,917 11,935 Amortization of debt expense, discount and premium 1,440 2,372 662 2,087 2,231 2,098 525 Amortization of capitalized interest 13 43 37 177 399 495 147 Interest portion of rentals (a) -- -- -- -- -- 777 262 ----------- ----------- ------------ -------- -------- -------- ------------ Earnings $ 56,420 $ 93,959 $ 1,196 $ 15,528 $ 38,777 $ 77,934 $ 4,351 =========== =========== ============ ======== ======== ======== ============ Interest expense 31,411 47,017 16,765 53,841 54,805 50,917 11,935 Amortization of debt expense, discount and premium 1,440 2,372 662 2,087 2,231 2,098 525 Capitalized interest 207 3,526 1,734 3,042 596 1,642 -- Interest portion of rentals (a) -- -- -- -- -- 777 262 ----------- ----------- ------------ -------- -------- -------- ------------ Fixed charges $ 33,058 $ 52,915 $ 19,161 $ 58,970 $ 57,632 $ 55,434 $ 12,722 =========== =========== ============ ======== ======== ======== ============ Ratio of earnings to fixed charges 1.71 1.78 0.06 0.26 0.67 1.41 0.34 =========== =========== ============ ======== ======== ======== ============ </Table> (a) - Interest portion of rentals is a reasonable approximation of the interest factor