<PAGE>
EXHIBIT 12.1
PRIDE INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, THREE MONTHS ENDED
------------------------------------------------------- MARCH 31,
1995 1996 1997 1998 1999 2000
-------- -------- --------- -------- --------- ------------------
<S> <C> <C> <C> <C> <C> <C>
Historical
Net earnings (loss) from continuing
operations before provision
for income taxes.................... $22,423 $30,819 $ 155,634 $102,243 $ (79,025) $ (10,000)
Add:
Portion of rents representative
of the interest factor.............. 935 1,590 1,237 2,005 5,767 1,401
Interest expense on
indebtedness........................ 6,158 13,195 34,368 45,776 60,992 19,005
Amortization of deferred
financing costs..................... 118 440 1,092 857 808 282
------- ------- --------- -------- --------- ---------
Earnings (loss) as
adjusted......................... $29,634 $46,044 $ 192,331 $150,881 $ (11,458) $ 10,688
======= ======= ========= ======== ========= =========
Fixed charges:
Portion of rents representative
of the interest factor.............. $ 935 $ 1,590 $ 1,237 $ 2,005 $ 5,767 $ 1,401
Interest expense on
indebtedness........................ 6,158 13,195 34,368 45,776 60,992 19,005
Amortization of deferred
financing costs..................... 118 440 1,092 857 808 282
Capitalized interest................. 250 1,915 5,650 19,100 29,600 4,790
------- ------- --------- -------- --------- ---------
Fixed charges..................... $ 7,461 $17,140 $ 42,347 $ 67,738 $ 97,167 $ 25,478
======= ======= ========= -------- ========= =========
Ratio of earnings to fixed charges.... 4.0x 2.7x 4.5x 2.2x -- --
======== ======== ========= ======== ========= =========
</TABLE>
For the year ended December 31, 1999, earnings were inadequate to cover fixed
charges by $108.6 million. For the three months ended March 31, 2000, earnings
were inadequate to cover fixed charges by $14.8 million.
