EXHIBIT 12.1
PARKER DRILLING COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the historical ratios of earnings to fixed
charges for the periods indicated.
<Table>
<Caption>
FISCAL FOUR SIX MONTHS ENDED
YEAR MONTHS YEAR ENDED DECEMBER 31, JUNE 30,
ENDED ENDED --------------------------------------------- ---------------------
AUGUST 31, DECEMBER 31,
1998 1998 1999 2000 2001 2002 2002 2003
---------- ----------- -------- -------- ------- -------- -------- --------
Pretax income (Loss) from
Continuing Operations
Before Minority Interest
& Income/Loss from
Equity Investees $ 4,478 $(15,097) $(31,176) $(16,407) $12,661 $(20,773) $(17,133) $(17,289)
Interest expense 47,017 16,765 53,841 54,805 50,917 50,384 24,053 25,853
Amortization of debt
expense, discount
and premium 2,372 662 2,087 2,231 2,098 2,025 1,044 896
Amortization of
capitalized interest 43 35 170 392 444 522 258 263
Interest portion of
rentals(a) -- -- -- -- 777 1,046 523 552
------- -------- -------- -------- ------- -------- -------- --------
Earnings $53,910 $ 2,365 $ 24,922 $ 41,021 $66,897 $ 33,204 $ 8,745 $ 10,275
======= ======== ======== ======== ======= ======== ======== ========
Interest expense 47,017 16,765 53,841 54,805 50,917 50,384 24,053 25,853
Amortization of debt
expense, discount
and premium 2,372 662 2,087 2,231 2,098 2,025 1,044 896
Capitalized interest 3,526 1,734 3,042 596 1,642 117 -- --
Interest portion of
rentals(a) -- -- -- -- 777 1,046 523 552
------- -------- -------- -------- ------- -------- -------- --------
Fixed charges $52,915 $ 19,161 $ 58,970 $ 57,632 $55,434 $ 53,572 $ 25,620 $ 27,301
======= ======== ======== ======== ======= ======== ======== ========
Ratio of earnings
to fixed charges 1.0x 0.1x 0.4x 0.7x 1.2x 0.6x 0.3x 0.4x
======= ======== ======== ======== ======= ======== ======== ========
</Table>
(a)-Interest portion of rentals is a reasonable approximation of the
interest factor
The ratio of earnings to fixed charges is computed by dividing fixed
charges into earnings, as defined. Earnings include income (loss) from
continuing operations before income taxes, minority interest and income (loss)
from equity investees, plus fixed charges. Fixed charges include interest
expense and the interest factor of lease obligations. Fixed charges exceeded
earnings by approximately $17.0 million for the six months ended June 30, 2003,
approximately $16.9 million for the six months ended June 30, 2002,
approximately $20.4 million for the year ended December 31, 2002, approximately
$16.6 million for the year ended December 31, 2000, approximately $34.0 million
for the year ended December 31, 1999 and approximately $16.8 million for the
four months ended December 31, 1998.
As of June 30, 2003, we had no preferred stock outstanding.