The search operation will begin on Jan 17, Reuters cited Ocean Infinity chief executive Oliver Plunkett as saying.
Ocean Infinity has not yet responded to requests for comment, but the company's vessel, Seabed Constructor, is reportedly on its way to Australia from Durban, South Africa.
He said the primary mission by the U.S. exploration firm is to identify the location of the wreckage and or both of the flight recorders, namely the Cockpit Voice Recorder (CVR) and Flight Data Recorder (FDR).
Ocean Infinity will now resume the search, according to an email sent to the MH Family Support Centre by the government.
On March 8, 2014, flight MH370 with 239 people on board mostly Chinese nationals, had dropped off radar shortly after taking off from Kuala Lumpur to Beijing, sparking a massive underwater search in the southern Indian Ocean. It means that payment will be made only if the company finds the wreckage.
"The basis of the offer from Ocean Infinity is based on no cure, no fee", Malaysian Transport Minister Liow Tiong Lai said Saturday.
Japanese kayaker banned from competition for eight years after drugging rival
The kayak racer in question is Yasuhiro Suzuki, and the intrigue began back in September at the national championships. When confronted about the allegation, Suzuki admitted to spiking Komatsu's drink after he'd "felt guilty".
Plunkett said the underwater drones can cover 463 sq. miles a day and complete the 25,000 square kilometers within a month.
The official search was extremely hard because no transmissions were received from the aircraft after its first 38 minutes of flight.
A government spokesperson said more details about the deal would be available in the coming weeks. Systems created to automatically transmit the flight's position failed to work after this point, the report said. 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. However, notwithstanding that uncertainty, this upcoming search is the best chance yet that the aircraft wreckage will be found, ' said Mearns, director of Blue Water Recoveries Ltd.
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 (1930 sq mi) searched, Ocean Infinity will command a fee of $20 million, rising to $70 million if any of those items are found outside the initial 25,000 sq km area.
A new expedition to search for the wreckage of Malaysia Airlines Flight 370 was approved by the country's government, officials announced Saturday, almost four years after the unsolved disappearance. New analysis suggested the search area in which Ocean Infinity will focus.
Investigators have said they believe someone may have intentionally switched off the transponder of the Boeing 777 before diverting it over the Indian Ocean.