Exhibit 12.1

RATIO OF EARNINGS (LOSS) TO COMBINED FIXED CHARGES AND
PREFERENCE DIVIDENDS
ENERGY XXI LTD

For purposes of computing the ratio of earnings to combined fixed charges and preference dividends, earnings (loss) is defined as pre-tax income (loss) before loss from equity investees plus fixed charges less preference dividends. Fixed charges consist of interest expense, amortization of deferred financing fees and preference dividends.

	Year Ended June 30,
	2015			2014 (Restated)			2013 (Restated)			2012 (Restated)			2011 (Restated)
	(Dollars in Thousands) (Unaudited)
Earnings:
Pre-tax income (loss) before loss from equity investees	$	(3,030,223	)	$	58,376		$	219,387		$	585,347		$	(52,141	)
Fixed Charges		337,666			196,415			122,684			124,809			123,098
		(2,692,357	)		254,791			342,071			710,156			70,957
Less: preference security dividend requirement		(14,358	)		(33,687	)		(14,025	)		(15,927	)		(16,619	)
Total Earnings (Loss)	$	(2,706,715	)	$	221,104		$	328,046		$	694,229		$	54,338
Fixed Charges:
Interest expense	$	300,061		$	149,795		$	101,761		$	101,323		$	95,778
Preference security dividend requirement		14,358			33,687			14,025			15,927			16,619
Deferred financing fees		23,247			12,933			6,898			7,559			10,701
Total Fixed Charges	$	337,666		$	196,415		$	122,684		$	124,809		$	123,098
Ratio of Earnings (Loss) to Combined Fixed Charges and Preference Dividends(1)		—			1.13			2.67			5.56			0.44

(1) For the year ended June 30, 2015, earnings were inadequate to cover fixed charges and therefore the ratio has not been presented for this period. The coverage deficiency necessary for the ratio of earnings (loss) to combined fixed charges and preference dividends to equal 1.00x was approximately $3,044.4 million.