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11 January 2018, 12:28 | Tara Lloyd
Malaysian govt appoints US-based exploration firm Ocean Infinity to hunt for Malaysia Airlines MH370 on no find, no fee basis
A U.S. company has signed a "no win, no fee" deal with the Malaysian government to try and locate the wreckage of the missing Malaysia Airlines flight MH370. Oliver Plunkett is the CEO of Ocean Infinity, the company that will carry out the search.
The conditions of the reward are US$20 million (RM82 million) for the 5,000 square kilometres primary search area, US$30 million (RM122 million) for the subsequent 10,000 square kilometre secondary search area, US$50 million (RM205 million) for the subsequent 10,000 square kilometre tertiary search area, and US$70 million (RM285 million) for any additional supplementary search areas beyond 25,000 square kilometres.
The Boeing 777 disappeared on March 8, 2014, with 227 passengers on board.
The Texan company has three months to complete the task, but Malaysia's Transport Minister Liow Tiong Lai said there is an 85 per cent chance of finding the debris in the new search area.
The search for MH370 was suspended in January 2017 after no trace of the plane was found in a 46,332 sq mile zone in a remote part of the southern Indian Ocean.
The official search was extremely hard because no transmissions were received from the aircraft after its first 38 minutes of flight.
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The payment for the search will be borne by the Malaysian government. Systems created to automatically transmit the flight's position failed to work after this point, said a final report from Australian Transport Safety Board last January. Now it's back to four years ago where we have to wait everyday (to find out) whether debris can be found, ' said Shin Kok Chau, whose wife Tan Ser Kuin was a flight attendant on MH370.
The underwater recovery effort was called off back in January 2017 after nearly three years of searching. The Australian Transport Safety Bureau's final report on the search conceded that authorities were no closer to knowing the reasons for the plane's disappearance, or its exact location.
The Malaysian government and United States-based exploration firm Ocean Infinity Limited, today inked a deal to officially continue the search for the missing jet.
"In the past, we only had one underwater search vehicle for the search operations but with the technology we have at hand, we hope we can identify the wreckage as soon as possible", he told the media at the press conference.
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