Malaysian Transport Minister Loke Siew Fook informed on March 19 that Malaysia has agreed to the terms and conditions of the MH370 search agreement with Ocean Infinity.
Malaysia Airlines flight MH370 - a Boeing 777 - carrying 227 passengers and 12 crew members went missing while en route from Kuala Lumpur to Beijing in 2014. To date, the disappearance of MH370 is one of the world's biggest aviation mysteries.
Minister Loke Siew Fook said that Malaysia's decision will help the search for MH370 at a new location estimated at 15,000 km2 in the southern Indian Ocean.
The new search is based on the principle of "no find, no fee collection". Ocean Infinity will receive $70 million if it successfully find the wreckage of MH370.
"The government is committed to continuing the search and bringing a clear end to the relatives of passengers on flight MH370," said the Malaysian Transport Minister.
Last December, the Malaysian government announced that it had agreed in principle with Ocean Infinity's search for MH370.
The US-based maritime robotics company conducted its most recent search for MH370 (the second search) in 2018 but failed.
Previously, the first search for MH370 was conducted by Malaysia, Australia and China in an area of 120,000 square kilometres in the southern Indian Ocean, based on data from automated connections between Inmarsat and MH370 satellites.
Since the end of last month, the missing MH370 search vehicle has been deployed to the search area in the Indian Ocean, although Ocean Infinity had not yet signed an agreement with the Malaysian government at that time.
It is not yet clear how long the MH370 search contract with Ocean Infinity will last. The Malaysian Transport Minister previously revealed that the deal would last for 18 months.
