PUTRAJAYA, Dec 20 — The government today agreed "in principle" to accept Ocean Infinity's no-find-no-fee proposal to continue searching for MH370's wreckage based on a new lead, more than ten years after the plane mysteriously disappeared.

Minister of Transport Anthony Loke announced the decision at a post-cabinet meeting here this afternoon.

"The Cabinet has agreed in principle to accept Ocean Infinity’s proposal to resume the search for MH370’s wreckage in a new search area estimated at 15,000km per square based on the no-find-no-fee principle,” he said.

"This means the government will not have to pay unless the wreckage is found.”

Loke added the new search location is based on the latest data obtained after ten years of analysis by experts and researchers.

"The proposed new search area by Ocean Infinity is based on (latest) information, data and analysis conducted by experts and researchers,” the minister said.

"This company’s proposal is a sound or credible proposal and warrants the Malaysian government’s consideration as the state of registration for MH370.”

Flight MH370, a Boeing 777 carrying 227 passengers and 12 crew, vanished en route from Kuala Lumpur to Beijing on March 8, 2014.

The proposal to search a new area in the southern Indian Ocean came from Ocean Infinity, the sea exploration firm that had also conducted the last search for the plane that ended in 2018.

The government will pay the company US$70 million (RM316.13 million) if wreckage found is substantive.

Loke said the terms of the contract are being finalised and reviewed by the Attorney General’s Chambers. The contract is expected to be ready by early next year, the minister added.

Ocean Infinity said the best period to comb the new search area would be between January and April.

"This decision reflects the government’s commitment to continuing the search operation and providing closure for the families of MH370 passengers,” Loke said.

Malaysia first engaged Ocean Infinity in 2018 to search in the southern Indian Ocean but it failed after two attempts.

Before that Malaysia, Australia and China conducted a joint search in a 120,000 sq km (46,332 sq mile) area of the southern Indian Ocean, based on data of automatic connections between an Inmarsat satellite and the plane.