Malaysia's government has agreed in principle to accept a second "no find, no fee" proposal from a U.S. company to renew the hunt for Malaysia Airlines Flight MH370, which is believed to have crashed in the southern Indian Ocean more than 10 years ago, Transport Minister Anthony Loke said Friday.

Loke said cabinet ministers gave the nod at their meeting last week for Texas-based marine robotics firm Ocean Infinity to continue the seabed search operation at a new 15,000-square-kilometre site in the ocean next year.

"The proposed new search area, identified by Ocean Infinity, is based on the latest information and data analyses conducted by experts and researchers. The company's proposal is credible," he said in a statement.

The Boeing 777 plane vanished from radar shortly after taking off on March 8, 2014, carrying 239 people, mostly Chinese nationals, on a flight from Malaysia's capital, Kuala Lumpur, to Beijing. Two Canadian citizens were killed in the crash.

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Satellite data showed the plane deviated from its flight path to head over the southern Indian Ocean, where it is believed to have crashed. An expensive multinational search failed to turn up any clues, although debris washed ashore on the east African coast and Indian Ocean islands.

A private search in 2018 by Ocean Infinity also found nothing.

Company says technology has improved since last search

Under the new deal, Ocean Infinity will get $70 million US, but only if significant wreckage is discovered, Loke said.

He said his ministry will finalize negotiations with Ocean Infinity in early 2025.

The firm has indicated that January-April is the best period for the search, he said.

"This decision reflects the government's commitment to continuing the search operation and providing closure for the families of MH370 passengers," he added.

Earlier this year, Ocean Infinity CEO Oliver Punkett reportedly said the company had improved its technology since 2018. He has said the firm is working with many experts to analyze data and narrow the search area to the most likely site.