Malaysia inks 'no-find, no-fee' $70m deal with US firm to find MH370

Malaysia on Wednesday inked a deal with an American firm to resume the search for the missing Malaysia Airlines aircraft MH370 within 90 days.

The agreement was signed by the Malaysian government and Ocean Infinity CEO Oliver Plunkett at a ceremony in Kuala Lumpur, reported CNN.

According to a "no-find, no-fee" contract awarded to the seabed exploration firm, Ocean Infinity, the latter will receive up to 70 million dollars if successful.

The new search zone is an area of approximately 25,000 square kilometers in the Indian Ocean, the report said.

The amount the company will receive depends upon where the aircraft or the parts of the aircraft are found.

According to the reports, Ocean Infinity will command a fee of 20 million dollars, if the debris field (scattered remains of the plane at the bottom of the ocean), cockpit voice recorder or flight recorder are discovered within the first 5,000 sq km.

The fee will rise up to 70 million dollars if any of those items are found outside the initial 25,000 sq km area.

"It is my hope that we will find the answers that we've sought for nearly four years and bring some closure to this unfortunate incident," Malaysian Transport Minister Liow Tiong Lai said.

The Malaysia Airlines aircraft disappeared en route from Kuala Lumpur to Beijing on March 8, 2014, carrying 239 passengers and crew.


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel