I think there is confusion again?the contract was for WS to pay...

I think there is confusion again?

the contract was for WS to pay CKK $10k per day over a couple of years. The board wanted $10m paid up front as assurity with the company getting interest on the $10m and the right to claim it should a rental payment be late. Thye also wanted 6 months rent in advance. That is where it fell over. You have to finance $10m and pay the interest on $10m. Lets be generous and say 6% pa finance. So $600k out of pocket for borrowings on top of paying out $3.5m for rig hire and then on top of that payment for all the auxillaries. Yep...would have been a coup for CKK but not a commercial reality when WS can hire rigs at about half that rate o/s.
So yeah...would have been crazy not to accept an offer like that if you were CKK. You would have been crazy to make an offer like that if you were WS.

apologies if it wasn't clear. We have previously discussed the hire rate of $10k per day that was offered. What we see above was the demand that CKK wanted.