As per Lai, the Malaysian government would pay Ocean Infinity $20 million for a successful search of 5,000 square kilometres, $30 million for 15,000 square kilometres, $50 million for 25,000 square kilometres and $70 million if the remnants of the flight are found beyond the identified area.
A year after the official search for the plane in the southern Indian Ocean was called off by Malaysia, Australia and China, the government of Malaysia on Wednesday said that it would pay United States firm Ocean Infinity up to $70 million for finding the wreckage or black boxes of the MH370 flight within 3 months.
The Malaysia Airlines Flight 370 had been flying from Kuala Lumpur to Beijing with a total of 239 people on board when it disappeared in March 2014.
A search mission - that was suspended on January 17, 2017 - unsuccessfully combed an area of 120,000 square kilometres in the Indian Ocean for the remains of the plane.
The Australian-led sea search, the largest in aviation history, was suspended in January past year.
"It is my hope that we will find the answer that we seek for almost four years and bring some closure to this unfortunate incident", he added. The search will focus on an area in the Southern Indian Ocean approximately the size of Vermont that experts have narrowed down as having the best chances for success. The fee will rise up to 70 million dollars if any of those items are found outside the initial 25,000 sq km area.
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Hope still remains for the next-of-kin of passengers of the missing MH370 to find closure, following the signing of a memorandum of understanding (MoU) between Malaysia and the Houston, Texas-based Ocean Infinity Limited to begin a new quest for the ill-fated jetliner which vanished in 2014.
"We are grateful the Malaysian government is resuming the search for MH370", V. P. R. Nathan, whose wife Anne Daisy was on the plane, told AFP.
The ship that will conduct the hunt is a Norwegian research vessel named Seabed Constructor, which is carrying 65 crew members and set off from South Africa in early January for the search zone.
Ocean Infinity's vessel carries eight autonomous underwater vehicles that will scour the seabed with scanning equipment for information to be sent back for analysis.
Only three confirmed fragments of MH370 have been found, all of them on western Indian Ocean shores, including a two-metre wing part known as a flaperon.