KUALA LUMPUR — In a renewed effort to solve one of aviation's most baffling mysteries, Malaysia has finalized an agreement with deep-sea exploration company Ocean Infinity to restart the search for Malaysia Airlines Flight MH370, Transport Minister Loke Siew Fook announced on Wednesday (March 19).

The ill-fated Boeing 777 vanished without a trace in 2014 while en route from Kuala Lumpur to Beijing, carrying 239 passengers and crew. Despite multiple international search efforts spanning years, the aircraft's final resting place remains unknown.

Under the innovative "no find, no fee" arrangement, Ocean Infinity will scour a newly identified 15,000 square kilometer area of the southern Indian Ocean seabed. The company stands to earn US$70 million (S$93 million) only if successful in locating the wreckage.

"Our government remains steadfast in its commitment to finding answers and bringing closure to the grieving families," Minister Loke emphasized in an official statement. This decision follows December's preliminary approval of Ocean Infinity's proposal to resume operations after their previous unsuccessful attempts concluded in 2018.

The new mission comes nearly a decade after an unprecedented tri-nation underwater search by Malaysia, Australia and China covered 120,000 square kilometers based on satellite data from Inmarsat showing automatic connections between their satellite and the missing aircraft.

Interestingly, ship tracking data revealed that Ocean Infinity had already deployed a vessel to the suspected crash zone late last month before formalizing this agreement - demonstrating their confidence in this renewed effort. While exact contract duration remains unspecified, Minister Loke previously indicated it would span approximately 18 months.