Malaysia has agreed to the terms and conditions of an agreement with exploration firm Ocean Infinity to resume the search for the wreckage of the missing Malaysia Airlines flight MH370, its transport minister said on Wednesday.

Flight MH370, a Boeing 777, was carrying 227 passengers and 12 crew when it vanished en route from Kuala Lumpur to Beijing in 2014 in one of the world's greatest aviation mysteries.

The decision will enable commencement of seabed search operations in a new location estimated to cover 15,000 sq km (5,790 sq miles) in the southern Indian Ocean, based on a "no find, no fee" principle, minister Loke Siew Fook said.

Ocean Infinity will receive US$70 million if the wreckage is successfully located, he said.

"The government is committed to continuing the search operation and providing closure for the families of the MH370 passengers," Loke said in a statement.

The Malaysian government in December said it had agreed in principle with Ocean Infinity's proposal to resume the hunt for MH370. The firm had conducted the last search for the plane that ended in 2018 but failed on two attempts.

Those followed an underwater search by Malaysia, Australia and China in a 120,000 sq km (46,332 sq mile) area of the southern Indian Ocean, based on the data of automatic connections between an Inmarsat satellite and the plane.

A ship that will look for the missing plane was deployed to its Indian Ocean search zone late last month, ship tracking data showed, even though a deal had yet to be signed with the government.

It was not immediately clear how long the search contract with Ocean Infinity would be. Loke had previously said it would cover an 18-month period. (Reuters)