New MH370 Search Approved as Malaysia Offers $70 Million Reward

Michele Moreno
January 11, 2018

The Malaysian government agreed on Wednesday to pay USA seabed exploration firm Ocean Infinity Ltd. from $20 to $70 million on condition that it finds the missing Malaysia Airlines flight MH370 within 90 days.

Despite other methods such as studying satellite imagery and investigating ocean drifts after debris from the plane washed ashore on islands in the eastern Indian Ocean and the east coast of Africa, the 1,046-day search was called off on January 17, 2017.

The Beijing-bound MH370 disappeared from the radar on March 8, 2014, some 40 minutes after taking off from Kuala Lumpur, reportedly after someone deliberately turned off its communication system and changed the route, according to an official investigation. He said his government was committed to continuing with the search.

The governments of Malaysia, China and Australia called off the 1,046-day official search on Jan 17 previous year without solving the mystery.

Earlier, the Malaysian government and Ocean Infinity, a seabed exploration company inked a deal to search for the missing MH370 in the middle of this month, whereby the Seabed Constructor vessel would cover an area of 25,000 sq km within 90 days.

Malaysian govt appoints US-based exploration firm Ocean Infinity to hunt for Malaysia Airlines MH370 on no find, no fee basis

Already, an global search operation has covered 120,000 square kilometres at a cost of about £120 million.

The search was extremely hard because no transmissions were received from the aircraft after its first 38 minutes of flight. 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. It was suspended last January. The Australian Transport Safety Bureau's final report on the search conceded that authorities were no closer to knowing the reasons for the Boeing 777's disappearance, or its exact location.

A fresh search for the missing Malaysia Airlines Flight MH370 is expected to begin soon, spearheaded by a private United States-based company.

Malaysian Minister of Transport Liow Tiong Lai, center, speaks at a press conference during MH370 missing plane search operations signing ceremony between the government of Malaysia and the Ocean Infinity Limited in Putrajaya, Malaysia, Wednesday, Jan. 10, 2018.

The search was conducted in the South China Sea and Gulf of Thailand, becoming the most expensive search operation in the history of aviation.

Other reports by Insurance News

Discuss This Article