Currently most versions of Ubuntu use the same method to set a static IP address. Simply edit the interfaces file.
$ sudo nano /etc/network/interfaces
and modify the following to suit your needs
iface eth0 inet static
address 192.168.1.50
netmask 255.255.255.0
network 192.168.1.0
broadcast 192.168.1.255
gateway 192.168.1.1
dns-nameservers 8.8.8.8 8.8.4.4
Once completed, reboot the system.
$ sudo reboot -n
Now that the system has come back online verify the IP address is correct but running either of the following.
$ ifconfig
or
$ ip addr