During normal drilling operations a dropped object consisting of a tong bucket counterweight weighing approx. 8 -10 lbs fell from the mast. The Driller heard noises coming from above and looked up and saw a object falling. He immediately yelled to the Floormen to stand back. The Floormen all moved and stood to the side of the rig floor. The counterweight landed on the rig floor beside the rotary table on the Driller’s side. It bounced approximately 6 feet and landed on the rotary table. No injuries were incurred as a result of this High Potential Near Miss incident. The Operation was shut down and an investigation conducted.