According to Transport Minister Anthony Loke, the underwater search operations will be carried out in a yet unexplored area in the southern Indian Ocean.
He also stressed that the search will be at no cost to Malaysia unless the US-made aircraft is found.
Ocean Infinity, which specializes in seabed exploration, already conducted a search operation in the southern Indian Ocean in 2017, which ended unsuccessfully the following year.
The new proposal arises from the latest data analysis and contemplates the exploration of about 15 thousand square kilometers.
No wreckage of the plane has ever been found and, if found this time, Ocean Infinity will receive $70 million.
The aircraft corresponding to flight MH370 was covering the Kuala Lumpur-Beijing route on March 8, 2014, when radars stopped showing it and it became a world aviation mystery.
On board were 239 people, mostly Chinese nationals.
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