The new search for Malaysia Airlines Flight 370, which disappeared from flight radar in March 2014, would be carried out by robotics company Ocean Infinity.

The Malaysian government has agreed to accept a proposal to launch a new search for Malaysia Airlines Flight 370, the commercial airplane that went missing more than 10 years ago in one of the biggest aviation mysteries of all time.

The 18-month search will be conducted by Ocean Infinity, an ocean robotics technology company headquartered in Austin, "in a new area estimated at 15,000 square kilometers [5,790 miles] in the southern Indian Ocean," Malaysian Transport Minister Anthony Loke told reporters at a news conference Friday.

The new search area proposed by Ocean Infinity is "based on the latest information and data analysis conducted by experts and researchers," Loke said, adding: "The company's proposal is credible and merits further examination by the Malaysian government."

Malaysia's cabinet ministers "agreed in principle" to accept Ocean Infinity's proposal on Dec. 13, under which Ocean Infinity will conduct a new search under a "no find, no fee" policy, Loke said. Loke said the government would pay Ocean Infinity $70 million if it manages to find the wreckage.

The ministers' decision to accept the proposal "reflects the Malaysian government's commitment to continuing the search operation and providing closure for the families" of the 227 passengers and 12 crew members that were on board MH370 at the time of its disappearance, Loke said.

Ocean Infinity did not immediately return an overnight request for comment. The group spearheaded a previous search for MH370 in 2018, which was terminated amid rising costs and deteriorating weather.

Malaysia Airlines Flight 370 suddenly dropped from radar while heading from Kuala Lumpur to Beijing in the early hours of March 8, 2014. The plane's sudden disappearance prompted a massive international search spanning 46,300 square miles that involved more than 30 countries and 140 ships -- and spurred a number of wild conspiracy theories that continue to percolate to this day.

In 2015, Malaysian officials declared the plane's disappearance an accident in a move that paved the way for the airline to pay settlements to the families.

Debris believed by experts to be from the plane has washed ashore the Indian Ocean islands of Réunion and Mauritius, as well as the African nations of South Africa, Tanzania and Mozambique.

The Malaysian ministers expect to finalize the new agreement with Ocean Infinity in early 2025, according to Loke.