The new search for MH370…

10 January 2018

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Malaysia to pay US firm up to $93 million if it finds MH370 in 90 days

PUTRAJAYA – The Malaysian government on Wednesday (Jan 10) struck a deal to pay United States-based seabed exploration firm Ocean Infinity up to US$70 million (S$93.4 million) if it finds the Malaysia Airlines MH370 aircraft within 90 days .

The search for the debris and flight data recorders will begin from the middle of this month, covering 25,000 sq km in the southern Indian Ocean within a 90-day timeframe, the Transport Ministry announced at a news conference.

Under the “no find, no fee” deal, Ocean Infinity will be paid US$20 million if it locates the debris or recorders within the first 5,000 sq km of the search area. The amount rises to US$30 million for the next 10,000 sq km, and US$50 million for the outer most area of 10,000 sq km.

The firm will be paid US$70 million if anything substantial is found beyond the stipulated   search area.

The payment will be borne by the Malaysian government.

Transport Minister Datuk Seri Liow Tiong Lai said payment would be made only if the Houston-based firm finds concrete evidence of the missing aircraft within the stipulated time, and it must be verified by Malaysian officials.

“Within these three months, they must complete a search area of 25,000 sq km. They should either locate the debris field, or flight recorder, or both… but it must be within a time frame,” Mr Liow said at the signing ceremony.
He said there is an 85 per cent chance that the wreckage would be found within the new search area.
Norwegian research vessel Seabed Constructor, leased by Ocean Infinity, has set off from South Africa and aims to arrive in the search area by Jan 17, CEO Oliver Plunkett told reporters.

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MH370: Private company signs deal to resume missing plane search

The search for missing Malaysia Airlines flight 370 will be resumed after the Malaysian government struck a deal with an underwater survey company.

US firm Ocean Infinity will only be paid if it finds the aircraft.

Malaysian Transport Minister Liow Tiong Lai said the country has an “unwavering commitment to solving the mystery of MH370”.

The plane disappeared on 8 March 2014 en route from Kuala Lumpur to Beijing, with 239 people on board.

Its fate remains shrouded in mystery and the search operation was suspended in January last year. This led to protests from the relatives of those who were on board.

http://www.bbc.com/news/world-asia-42632650?ocid=socialflow_twitter

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$70 Million Reward on Offer In Hunt for Missing MH370 Jet

  • Reward ranges $20m-$70m depending on where aircraft is found
  • Ocean Infinity to search 25,000 sq km area identified in 2016

zzzggg.jpg

The hunt for Malaysia Airlines Flight 370 will resume after the government agreed to pay a U.S. exploration company as much as $70 million if it solves modern aviation’s biggest mystery.

The Boeing Co. 777 aircraft disappeared on March 8, 2014, on its way to Beijing from Kuala Lumpur with 239 people on board. The government signed a contract with Ocean Infinity on Wednesday, but said the company would only be paid if it locates the aircraft or flight recorders.

“It is my hope that we will find the answer that we seek for nearly four years and bring some closure to this unfortunate incident,” Malaysian Transport Minister Liow Tiong Lai said at a press conference outside Kuala Lumpur.

https://www.bloomberg.com/news/articles/2018-01-10/new-mh370-search-approved-as-malaysia-offers-70-million-reward?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social

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2 Responses to The new search for MH370…

  1. Doris Looi says:

    Still,have,budget,after,onemdb,m,b,print,money,b,n,m,

  2. Doris Looi says:

    Insurance, zzzz,why,spend,300,m,to,find,a,plane,

    The,cost,only ,200,m,what,what,is,the,logic

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