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Exhibit 12.01
Oceaneering International, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
Nine-Month Fiscal Year
Year Ended December 31, Period Ended Ended
---------------------- December 31, March 31,
2003 2002 2001 2000 2000
---- ---- ---- ---- ----
Fixed Charges:
(a)Interest expensed and capitalized $ 7,811 $ 8,610 $ 11,965 $ 8,597 $ 7,753
(b)Amortized premiums, discounts and capital
expenses related to indebtedness 244 235 235 135 152
(c)Estimate of interest within rental expense 2,875 2,227 1,844 1,523 1,970
(d)Preference security dividend requirements
of consolidated subsidiaries -- -- -- -- --
-------- -------- -------- -------- --------
$ 10,930 $ 11,072 $ 14,044 $ 10,255 $ 9,875
======== ======== ======== ======== ========
Earnings:
Added Items:
(a)Pretax income from continuing operations
before minority interests and income/loss
from equity investees $ 45,090 $ 57,474 $ 46,187 $ 13,807 $ 22,958
(b)Fixed charges 10,930 11,072 14,044 10,255 9,875
(c)Amortization of capitalized interest 582 582 405 104 83
(d)Distributed income of equity investees -- -- -- -- --
(e)Share of pretax losses of equity investees
for which charges arising from guarantees are
included in fixed charges -- -- -- -- --
-------- -------- -------- -------- --------
Total added items 56,602 69,128 60,636 24,166 32,916
-------- -------- -------- -------- --------
Subtracted Items:
(a)Interest capitalized -- -- 2,037 2,968 1,817
(b)Preference security dividend requirements
of consolidated subsidiaries -- -- -- -- --
(c)Minority interest in pretax income of
subsidiaries that have not incurred
fixed charges (531) (74) (337) (509) 848
-------- -------- -------- -------- --------
Total subtracted items (531) (74) 1,700 2,459 2,665
-------- -------- -------- -------- --------
Earnings as defined $ 57,133 $ 69,202 $ 58,936 $ 21,707 $ 30,251
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RATIO OF EARNINGS TO FIXED CHARGES 5.23 6.25 4.20 2.12 3.06
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