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                                                                    EXHIBIT 12.1

                    NABORS INDUSTRIES, INC. AND SUBSIDIARIES
               COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                      (In thousands, except ratio amounts)

<TABLE>
<CAPTION>
                                               Six                                     Three
                                           Months Ended                            Months Ended    Year Ended      Year Ended
                                             June 30,     Year Ended December 31,   December 31,  September 30,   September 30,
                                               2000          1999         1998          1997          1997             1996
                                           ------------  ------------ ------------ -------------  -------------   -------------
<S>                                          <C>          <C>          <C>          <C>          <C>              <C>
Income before income taxes and
  extraordinary gain                         $  72,472    $  45,629     $ 199,981     $ 62,616      $ 182,410      $  81,600

Add fixed charges as adjusted
  (from below)                                  17,414       31,165        16,040        4,107         16,980         12,258
                                             ---------    ---------     ---------     --------      ---------      ---------
        Earnings                             $  89,886    $  76,794     $ 216,021     $ 66,723      $ 199,390      $  93,858
                                             ---------    ---------     ---------     --------      ---------      ---------
Fixed charges:
    Interest expense:
        Interest on indebtedness             $  15,758    $  30,088     $  14,974     $  3,858      $  15,993      $  11,356
        Capitalized                                862          154         2,648          297          1,191            985
    Amortization of debt costs                     338          307           489          121            527            528
    Interest portion of rental expense           1,318          770           577          128            460            374
                                             ---------    ---------     ---------     --------      ---------      ---------
    Fixed charges before adjustments            18,276       31,319        18,688        4,404         18,171         13,243
    Less capitalized interest                     (862)        (154)       (2,648)        (297)        (1,191)          (985)
                                             ---------    ---------     ---------     --------      ---------      ---------
    Fixed charges as adjusted                $  17,414    $  31,165     $  16,040     $  4,107      $  16,980      $  12,258
                                             ---------    ---------     ---------     --------      ---------      ---------

Ratio (earnings divided by fixed charges
  before adjustments)                             4.92         2.45         11.56        15.15          10.97           7.09
                                             ---------    ---------     ---------     --------      ---------      ---------

</TABLE>

<TABLE>
<CAPTION>
                                               Year Ended
                                              September 30,
                                                  1995
                                              ------------
<S>                                          <C>
Income before income taxes and
  extraordinary gain                           $  58,628

Add fixed charges as adjusted
  (from below)                                     7,933
                                               ---------
        Earnings                               $  66,561
                                               ---------
Fixed charges:
    Interest expense:
        Interest on indebtedness               $   7,297
        Capitalized                                  747
    Amortization of debt costs                       314
    Interest portion of rental expense               322
                                               ---------
    Fixed charges before adjustments               8,680
    Less capitalized interest                       (747)
                                               ---------
    Fixed charges as adjusted                  $   7,933
                                               ---------
Ratio (earnings divided by fixed charges
  before adjustments)                               7.67
                                               ---------
</TABLE>



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