EXHIBIT 12.1
DIAMOND OFFSHORE DRILLING, INC.
STATEMENT RE COMPUTATION OF RATIOS
(THOUSANDS OF DOLLARS)
RATIO OF EARNINGS TO FIXED CHARGES:
YEAR ENDED DECEMBER 31,
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2004 2003 2002 2001 2000
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COMPUTATION OF EARNINGS:
Pretax (loss) income from continuing operations.............. $ (3,533) $(54,237) $ 96,174 $260,485 $110,867
Less: Interest capitalized during the period and
actual preferred dividend requirements of majority-
owned subsidiaries and 50%-owned persons included
in fixed charges but not deducted from pretax income
from above............................................ -- (2,201) (2,878) (2,645) (13,844)
Add: Previously capitalized interest amortized during
the period............................................ 1,249 1,166 1,304 1,185 334
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Total (losses) earnings, before fixed charge addition........ (2,284) (55,272) 94,600 259,025 97,357
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COMPUTATION OF FIXED CHARGES:
Interest, including interest capitalized..................... 30,330 26,737 26,933 29,191 24,500
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Total fixed charges.......................................... 30,330 26,737 26,933 29,191 24,500
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TOTAL (LOSSES) EARNINGS AND FIXED CHARGES.................... $ 28,046 $(28,535) $121,533 $288,216 $121,857
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RATIO OF (LOSSES) EARNINGS TO FIXED CHARGES (1).............. N/A N/A 4.51 9.87 4.97
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(1) The deficiency in the Company's earnings available for fixed charges for the
years ended December 31, 2004 and 2003 was approximately $2.3 million and $55.3
million, respectively.