<PAGE>
EXHIBIT 12.1
FRIEDE GOLDMAN HALTER, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
3 Months Proforma
Years Ended December 31, Ended Year Ended
--------------------------------------- March 31, December 31,
1995 1996 1997 1998 1999 2000 1999
------ ------ ------- ------- -------- --------- ------------
(in thousands)
<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS:
Consolidated pretax
income from continuing
operations............ $4,921 $2,788 $31,210 $55,964 $(47,967) $(3,954) $(41,421)
Add:
Amortization of
capitalized
interest............. -- -- -- 35 35 35 94
Fixed charges......... 753 944 987 4,197 12,522 12,105 28,854
Less interest
capitalized during
the period........... -- -- -- (1,293) -- -- (2,393)
------ ------ ------- ------- -------- ------- --------
Earnings............... $5,674 $3,732 $32,197 $58,903 $(35,410) $ 8,186 $(14,866)
====== ====== ======= ======= ======== ======= ========
FIXED CHARGES:
Interest expense....... $ 750 $ 891 $ 564 $ 3,557 $ 9,849 $ 8,860 $ 24,430
Add:
Net amortization of
debt discount and
premium and issuance
expense.............. -- -- -- 84 2,125 3,032 3,058
Interest portion of
rental expense....... 3 53 423 556 548 213 1,366
------ ------ ------- ------- -------- ------- --------
Fixed charges.......... $ 753 $ 944 $ 987 $ 4,197 $ 12,522 $12,105 $ 28,854
====== ====== ======= ======= ======== ======= ========
Ratio of Earnings to
Fixed Charges......... 7.5 4.0 32.6 14.0 (2.8) 0.7 (0.5)
====== ====== ======= ======= ======== ======= ========
</TABLE>
