KUALA LUMPUR, Malaysia — The Malaysian government has reached an agreement in principle to accept a second “no find, no fee” proposal from a U.S.-based company to renew the search for flight MH370, which is thought to have gone down in the southern Indian Ocean over a decade ago, announced Transport Minister Anthony Loke on Friday.

At a Cabinet meeting held last week, ministers approved the continuation of the seabed search operation by Ocean Infinity, a marine robotics company based in Texas, over a newly identified area measuring 15,000 square kilometers (approximately 5,800 square miles) in the ocean, set to take place next year.

Loke stated that the new search area proposed by Ocean Infinity is informed by the latest analyses and data from experts and researchers, adding that the proposal’s credibility is solid, as reflected in his public statement.

The Boeing 777 aircraft, carrying 239 passengers—predominantly Chinese nationals—disappeared from radar shortly after taking off from Kuala Lumpur to Beijing on March 8, 2014. Tracking data indicated that the flight veered off its intended course toward the southern Indian Ocean, where it is presumed to have crashed.

Despite an extensive multinational search that yielded no substantial leads, some debris was discovered along the coast of East Africa and on islands in the Indian Ocean. A private search conducted by Ocean Infinity in 2018 also did not produce any findings.

As part of the new agreement, Ocean Infinity will be compensated $70 million solely if significant wreckage is located, according to Loke. He mentioned that his ministry aims to conclude negotiations with Ocean Infinity by early 2025 and noted that the company believes the optimal period for the search would be from January to April.

Loke emphasized that this decision underscores the government’s dedication to proceeding with the search efforts and helping to provide closure for the families of those aboard MH370.

Earlier this year, Ocean Infinity’s CEO, Oliver Punkett, indicated that the company has enhanced its technological capabilities since 2018 and is collaborating with a range of experts to analyze data and refine the search area to the most probable location.