The Malaysian government on Friday agreed to a plan to restart the search for the Malaysian Airlines MH370 flight, which mysteriously disappeared more than a decade ago and remains one of the biggest unresolved aviation disasters in history.
Malaysia Airlines flight MH370 from Kuala Lumpur to Beijing mysteriously vanished more than 10 years ... [+]
Transport Minister Anthony Loke said the Malaysian cabinet had “agreed in principle” to a proposal made by American marine robotics and deep ocean exploration company, Ocean Infinity, to resume the search.
The final terms of the deal with Ocean Infinity will be finalized early in the new year and will be based on the “no find, no fee” proposal laid out by the firm earlier this year.
If a substantive wreckage of the MH370 is found, Ocean Infinity will receive a payout of $70 million.
Loke said Ocean Infinity’s search would focus on a new area “estimated at 15,000 square kilometers” in the southern Indian Ocean—widely believed to the area where the plane crashed.
The minister added that Ocean Infinity was confident about the proposed search area, and government officials determined the company had a credible lead “based on the research of many experts.”
Loke noted the Malaysian government’s “responsibility and obligation and commitment is to the next of kin,” of the passengers, and he hoped “the wreckage will be found and give closure to the families."
Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here.