"The contract has been amended so that for a minimum of the first 240 days of the initial one-year period, the day rate will be US$560,000, US$75,000 of which will be paid in cash. The remaining day rate of US$485,000 will be payable from the proceeds of a net profits interest granted pursuant to ATP's conveyance of an overriding royalty interest in certain leases on which six contract development wells are expected to be drilled..."
Deepwater is no place for small fish.
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