In 2018, marine biotics company Ocean Infinity launched two searches for the missing aircraft, but both were called off after a few months.
On Wednesday, the Malaysian Government approved the terms and conditions for Ocean Infinity to conduct a final search for the missing aircraft in a new 15,000km stretch of the Southern Indian Ocean.
Minister for Transport Loke Siew Fook said the Government was “committed to continuing the search operation and providing closure for the families of MH370 passengers”.
The last-ditch effort to find the remains of the plane is based on a “no find, no fee” principle.
If the wreckage is found, the marine biotics company would receive $120 million.
Reports of a new search began circulating in November last year after Ocean Infinity asked for a final search of the Indian Ocean.
The request was approved in December, the Malaysian Government confirmed.
“We hope this time will be positive,” Loke said in December, according to the BBC.
The search will be the last chance for families of the passengers and crew on the flight to find closure.