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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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1997 1996 1995 1994 1993
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COMPUTATION OF EARNINGS:
Pretax income from continuing
operations............................. $430,061 $212,705 $(13,803) $(46,425) $(21,670)
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........... (4,382) (3,973) -- -- --
Add: Previously capitalized interest
amortized during the period......... 192 -- -- -- --
-------- -------- -------- -------- --------
Total earnings, before fixed charge
addition............................... 425,871 208,732 (13,803) (46,425) (21,670)
-------- -------- -------- -------- --------
COMPUTATION OF FIXED CHARGES:
Interest, including interest
capitalized............................ 15,241 6,831 27,052 31,346 25,906
-------- -------- -------- -------- --------
Total fixed charges...................... 15,241 6,831 27,052 31,346 25,906
-------- -------- -------- -------- --------
TOTAL EARNINGS AND FIXED CHARGES......... 441,112 215,563 13,249 (15,079) 4,236
-------- -------- -------- -------- --------
RATIO OF EARNINGS TO FIXED CHARGES(1).... 28.94 31.56 -- -- --
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(1) The deficiency in the Company's earnings available for fixed charges for the
years ended December 31, 1995, 1994, and 1993 was approximately $13.8
million, $46.4 million, and $21.7 million, respectively.