US company agrees to restart MH370 search in 'no find, no fee' deal

By Euan McKirdy, CNN

(CNN) -- A US marine exploration company has agreed to restart the search for missing Malaysia Airlines flight 370, according to the Australian transport minister.

Ocean Infinity, which has entered into an agreement with the Malaysian government, will only benefit financially from the deal if it successfully locates the missing plane, which disappeared without a trace en route from Kuala Lumpur to Beijing on March 8, 2014 with 239 people on board.

"Malaysia's decision to proceed with the search shows the commitment to find MH370," a statement from Darren Chester, the Minister for Infrastructure and Transport said.

"While I am hopeful of a successful search, I'm conscious of not raising hopes for the loved ones of those on board."

Malaysia, Australia and China announced in January that they were suspending the search for the missing airliner. In its final report released earlier this month, investigators for the Australian Transport Safety Bureau said it was "almost inconceivable" that we are no closer to knowing its ultimate fate.

"The Malaysian Government has accepted an offer from Ocean Infinity to search for the missing plane, entering into a 'no find no fee' arrangement," Chester's statement says.

Australia, at Malaysia's request, will provide technical assistance, the statement adds.

CNN has contacted Ocean Infinity and is awaiting comment.


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