Search for MH370 to resume next week, costs topped at $70 million

Search for MH370 to resume next week, costs topped at  millionAfter entering a deal with US maritime search company Ocean Infinity to resume the search for missing Malaysia Airlines flight MH370, the Malaysian government now revealed the costs for the operation.

The firm will receive up to $70 million if it finds the missing aircraft within 90 days of embarking on a new search in the Southern Indian Ocean it turned out after the signing ceremony on January 10,

Ocean Infinity will search for MH370 in a new 25,000-square-kilometer priority area determined by scientists on a “no-find, no-fee” basis, meaning it will only get paid if it finds the plane.

Moreover, Ocean Infinity will just be paid $20 million if the plane is found within 5,000 square kilometers of the new search area, $30 million if it is found within 10,000 square kilometers and $50 million if it is found within the area of 25,000 square kilometers. Beyond that area, Ocean Infinity will receive $70 million, Malaysia’s Transport Minister Liow Tiong Lai said.

The search will begin on January 17, said Ocean Infinity Chief Executive Oliver Plunkett. This means that any search results should be presented until mid-April at the latest.

Its priority is to locate the wreckage or the flight and cockpit recorders, and present credible evidence to confirm their location within 90 days, Liow noted.



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After entering a deal with US maritime search company Ocean Infinity to resume the search for missing Malaysia Airlines flight MH370, the Malaysian government now revealed the costs for the operation. The firm will receive up to $70 million if it finds the missing aircraft within 90 days of embarking on a new search in the Southern Indian Ocean it turned out after the signing ceremony on January 10, Ocean Infinity will search for MH370 in a new 25,000-square-kilometer priority area determined by scientists on a “no-find, no-fee” basis, meaning it will only get paid if it finds the plane....

Search for MH370 to resume next week, costs topped at  millionAfter entering a deal with US maritime search company Ocean Infinity to resume the search for missing Malaysia Airlines flight MH370, the Malaysian government now revealed the costs for the operation.

The firm will receive up to $70 million if it finds the missing aircraft within 90 days of embarking on a new search in the Southern Indian Ocean it turned out after the signing ceremony on January 10,

Ocean Infinity will search for MH370 in a new 25,000-square-kilometer priority area determined by scientists on a “no-find, no-fee” basis, meaning it will only get paid if it finds the plane.

Moreover, Ocean Infinity will just be paid $20 million if the plane is found within 5,000 square kilometers of the new search area, $30 million if it is found within 10,000 square kilometers and $50 million if it is found within the area of 25,000 square kilometers. Beyond that area, Ocean Infinity will receive $70 million, Malaysia’s Transport Minister Liow Tiong Lai said.

The search will begin on January 17, said Ocean Infinity Chief Executive Oliver Plunkett. This means that any search results should be presented until mid-April at the latest.

Its priority is to locate the wreckage or the flight and cockpit recorders, and present credible evidence to confirm their location within 90 days, Liow noted.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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