EXHIBIT 12.1
R&B FALCON CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ IN MILLIONS)
For the
three
Years Ended December 31, Months Ended
---------------------------------------------- March 31,
1995 1996 1997 1998 1999 2000
------ ------- ------- ------- ------- -------
Income (loss) from
continuing operations
before income tax
expense, minority
interest and
extraordinary item $ 32.6 $ 140.4 $ 123.9 $ 161.2 $ (87.1) $(53.9)
Add
Portion of rents
representative
of the interest
factor 3.2 6.8 12.6 13.4 13.6 2.2
Interest on
indebtedness
inclusive of
amortization
of deferred
financing
charges 34.6 40.8 41.6 63.9 169.8 51.9
------ ------- ------- ------- ------- ------
Income as
adjusted $ 70.4 $ 188.0 $ 178.1 $ 238.5 $ 96.3 $ .2
====== ======= ======= ======= ======= ======
Fixed charges
Interest on
indebtedness
inclusive of
amortization
of deferred
financing
charges $ 34.6 $ 40.8 $ 41.6 $ 63.9 $ 169.8 $ 51.9
Interest capitalized .4 7.6 13.7 39.1 74.1 17.2
Portion of rents
representative
of the interest
factor 3.2 6.8 12.6 13.4 13.6 2.2
------ ------- ------- ------- ------- ------
Fixed charges $ 38.2 $ 55.2 67.9(a) $ 116.4(a) $ 257.5(a) $ 71.3
====== ======= ======= ======= ======= ======
Ratio of earnings to
fixed charges 1.8 3.4 2.6 2.0 -(b) -(b)
====== ======= ======= ======= ======= ======
_________________
(a) Fixed charges for the year ended December 31, 1997, 1998, and 1999
exclude interest cost of $.5 million, $12.2 million and $6.8 million,
respectively, related to the debt of joint venture companies
guaranteed by R&B Falcon Corporation.
(b) For the year ended December 31, 1999 and the three months ended March
31, 2000, earnings did not cover fixed charges by $161.2 million and
$71.1 million, respectively.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
($ IN MILLIONS)
For the
three
Years Ended December 31, Months Ended
---------------------------------------------- March 31,
1995 1996 1997 1998 1999 2000
------ ------- ------- ------- ------- ------
Income (loss) from
continuing
operations before
income tax expense,
minority interest
and extraordinary
item $ 32.6 $ 140.4 $ 123.9 $ 161.2 $ (87.1) $(53.9)
Add
Portion of rents
representative
of the interest
factor 3.2 6.8 12.6 13.4 13.6 2.2
Interest on
indebtedness
inclusive of
amortization
of deferred
financing charges 34.6 40.8 41.6 63.9 169.8 51.9
------ ------- ------- ------- ------- ------
Income as
adjusted $ 70.4 $ 188.0 $ 178.1 $ 238.5 $ 96.3 $ .2
====== ======= ======= ======= ======= ======
Fixed charges
Interest on
indebtedness
inclusive of
amortization
of deferred
financing charges $ 34.6 $ 40.8 $ 41.6 $ 63.9 $ 169.8 $ 51.9
Interest capitalized .4 7.6 13.7 39.1 74.1 17.2
Portion of rents
representative of
the interest factor 3.2 6.8 12.6 13.4 13.6 2.2
Preferred dividends,
as adjusted for
income taxes 6.4 4.4 - - 52.9 18.6
------ ------- ------- ------- ------- ------
Fixed charges $ 44.6 $ 59.6 67.9(a) $ 116.4(a) $ 310.4(a) $ 89.9
====== ======= ======= ======= ======= ======
Ratio of earnings to
combined fixed
charges and
preferred stock
dividends 1.6 3.2 2.6 2.0 -(b) -(b)
====== ======= ======= ======= ======= ======
__________________
(a) Fixed charges for the year ended December 31, 1997, 1998, and 1999
exclude interest cost of $.5 million, $12.2 million and $6.8 million,
respectively, related to the debt of joint venture companies
guaranteed by R&B Falcon Corporation.
(b) For the year ended December 31, 1999 and the three months ended March
31, 2000, earnings did not cover fixed charges by $214.1 million and
$89.7 million, respectively.
