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EXHIBIT 12.1
GLOBAL INDUSTRIES, LTD.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
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<CAPTION>
YEAR ENDED NINE MONTHS THREE MONTHS
MARCH 31, ENDED YEAR ENDED ENDED
------------------------------------ DECEMBER 31, DECEMBER 31, MARCH 31,
1996 1997 1998 1998(1) 1999 2000
---------- ---------- ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Income (loss) before income taxes............ $ 30,128 $ 48,475 $ 91,685 $ 59,954 $ (8,688) $ (10,389)
Less capitalized interest.................... (1,700) (2,600) (4,000) (2,600) (3,100) (449)
---------- ---------- ---------- ---------- ---------- ----------
28,428 45,875 87,685 57,354 (11,788) (10,838)
---------- ---------- ---------- ---------- ---------- ----------
Fixed charges:
Interest expense, including debt
issue amortization ....................... 185 1,369 2,356 6,886 15,991 5,464
Capitalized interest ..................... 1,700 2,600 4,000 2,600 3,100 449
Interest portion of rent expenses ........ 220 241 408 392 634 167
---------- ---------- ---------- ---------- ---------- ----------
TOTAL FIXED CHARGES ......................... 2,105 4,210 6,764 9,878 19,725 6,080
---------- ---------- ---------- ---------- ---------- ----------
EARNINGS (LOSS) BEFORE FIXED CHARGES ........ $ 30,533 $ 50,085 $ 94,449 $ 67,232 $ 7,937 $ (4,758)
RATIO OF EARNINGS TO FIXED CHARGES .......... 14.5x 11.9x 14.0x 6.8x .4x(2) --x(2)
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(1) Effective December 31, 1998, the Company changed its fiscal year-end to
December 31 of each year.
(2) Earnings were inadequate to cover fixed charges by $11.8 million for the
year ended December 31, 1999 and $10.8 million for the three months
ended March 31, 2000.
