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EXHIBIT 12
NATIONAL-OILWELL, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT FOR RATIO)
SIX MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31, YEAR ENDED AUGUST 31,
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1998 1997 1997 1996 1995 1994 1993
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(IN THOUSANDS OF U.S. DOLLARS, EXCEPT RATIOS)
EARNINGS:
Income (loss) before income taxes 71,643 32,260 82,482 16,718 12,196 (6,709) 6,061
Interest expense 2,933 2,422 5,078 9,741 64 215 506
Amortization of debt costs 50 114 191 1,281 -- -- --
Estimated interest portion of rental expense 325 360 720 840 64 48 48
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EARNINGS 74,951 35,156 88,471 28,580 12,324 (6,446) 6,615
FIXED CHARGES:
Interest expense 2,933 2,422 5,078 9,741 64 215 506
Amortization of debt costs 50 114 191 1,281 -- -- --
Estimated interest portion of rental expense 325 360 720 840 64 48 48
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TOTAL FIXED CHARGES 3,308 2,896 5,989 11,862 128 263 554
RATIO OF EARNINGS TO FIXED CHARGES 22.7 12.1 14.8 2.4 96.3 --(1) 11.9
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(1) Additional income before income taxes necessary to attain a ratio of 1.0
would have been $6.7 million.