Fresh search for Malaysia Airlines flight MH370 to start within weeks

A new search for missing Malaysia Airlines flight MH370 could resume off the West Australian coast after the country's transport minister revealed they were in final negotiations with an ocean exploration company.

Flight MH370 went missing after it departed Kuala Lumpur about 12.45am on March 8, 2014. It was headed for Beijing but disappeared in airspace over the South China Sea with 239 people on-board.

Speaking in Malaysia's parliament this week, Transport Minister Anthony Loke said the government had been reviewing a proposal from US exploration company Ocean Infinity.

Mr Loke said based on the latest information and analysis from experts and researchers, Ocean Infinity's search proposal was credible and being considered by the government.

'The government is currently in negotiations with the US-based company Ocean Infinity, which proposed in June to resume undersea search operations for the aircraft,' he said.

'This would target a new 15,000sqkm in the southern Indian Ocean under a 'no find, no fee' arrangement.'

The search mission is expected to cost up to $104million, but under the 'no find, no fee' principle, the Malaysian government would not be required to pay the company if no aircraft wreckage was found.

'The terms and costs requested are in the same draft agreement currently being negotiated between the government and Ocean Infinity,' Mr Loke said.

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Should it be finalised, cabinet approval will be required, and I will make a public announcement.'

Earlier this year, remembrance services were held on the 10th anniversary of the plane's disappearance.