Eric Renner Brown
March 04, 2018 AT 09:19 PM EST

UPDATE: Phantom Thread costume designer Mark Bridges won the Oscar for Best Costume Design — and, thanks to his lightning-fast, 36-second acceptance speech, he also left with a coveted Kawasaki jet ski.

EARLIER: In his opening monologue to the 2018 Oscars, host Jimmy Kimmel revealed that the winner to deliver the shortest acceptance speech would receive a free jet ski — and Helen Mirren posed with the coveted prize.

“The first Oscar ceremony lasted — and this is true — 15 minutes from beginning to end, and people still complained,” Kimmel said. But, after encouraging winners to still thank the important people in their lives, he provided an alternative option: “Why waste precious time thanking your mom when you could be taking her for the ride of her life: on a brand new jet ski!? This is not a joke. I will be timing you. I have a stopwatch.”

During a commercial break, televisions in the venue displayed the rules for the contest to remind nominees of the actual speech parameters. Some of the stipulations are straightforward: The clock begins when winners receive microphones and ends when they say their last word, and times for groups of winners are cumulative.

Other rules are more interesting. For one, the retail value of the 2018 Kawasaki Jet Ski Ultra 310LX in question is $17,999 — and in the event of a tie, winners will split the cash equivalent. Winners who live outside the continental United States will receive the cash equivalent rather than the jet ski.

Enjoying the prize could also require some financial burden on the part of the winner, who will need to pay taxes and registration for the vehicle. Foreign nationals who receive the cash equivalent will have 30 percent federal tax withheld.

Head here for even more from Kimmel’s Oscar monologue.

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