Under the agreement, Ocean Infinity will conduct a search in a new 15,000 square kilometre area in the southern Indian Ocean, based on the principle of no find, no fee collection. If the wreckage is found, the company will receive a reward of $70 million.
MH370, a Malaysia Airlines Boeing 777, carrying 227 passengers and 12 crew members, went missing while flying from Kuala Lumpur to Beijing in 2014. This is considered one of the biggest aviation mysteries in history.
The Malaysian government had previously agreed in principle to Ocean Infinity's proposal in December last year. Ocean Infinity launched two search campaigns in 2018 but were unsuccessful.
Previously, another campaign conducted by Malaysia, Australia and China reviewed a 120,000 square kilometre area in the southern Indian Ocean, based on automated data connecting Inmarsat satellites and aircraft.
Minister Anthony Loke stressed that the government is committed to continuing the search for MH370. He also said a ship had been deployed to the search area in the Indian Ocean since the end of last month, although the deal had not yet been signed.
The contract term with Ocean Infinity is not yet clearly defined, but Mr. Loke previously mentioned an 18-month period for this campaign.
