Transport minister Loke Siew Fook said the agreement was in principle, reiterating that the search would be based on the “no find, no fee” principle.

This means Putrajaya will not have to pay the company anything unless the aircraft is found.

If the wreckage is found, the government will have to pay Ocean Infinity US$70 million.

“The company’s proposal is credible and merits further examination by the government, as the state of registration for MH370.

“The transport ministry is negotiating the terms and conditions of the agreement with Ocean Infinity, which is expected to be finalised in early 2025,” he said at a press conference today.

Ocean Infinity had proposed a new search in a 15,000 sq km area in the southern Indian Ocean, based on the latest data analysis.

The disappearance of MH370 remains one of the biggest mysteries in aviation. The plane went missing on March 8, 2014 with 239 people on board, en route from Kuala Lumpur to Beijing.

In May, Loke said Ocean Infinity’s new search mission would take three months and that it was ready to commence the operation in November.

Loke said the contract is being reviewed by the Attorney-General’s Chambers, and the search will commence once both sides sign the deal.

He said the contract would last for 18 months.

“The best time to search the area is between January and April, so we will try to sign the agreement as soon as possible.

“Under the terms and conditions, it has to be credible. There is a very specific definition of what constitutes a wreckage,” he said.

He said Ocean Infinity had brought forward solid clues and expressed confidence about the expanded 15,000 sq km area, based on their previous search efforts.

“They feel confident that among the areas they searched before, expanding it slightly will yield results. The data has been presented and reviewed by our team, along with input from various researchers.

“This is another attempt to find MH370. It’s our responsibility and commitment to the next of kin,” he said.