Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

UPDATE 1-US firm Ocean Infinity says hopeful of getting MH370 search contract soon

Published 04/01/2018, 08:55 am
Updated 04/01/2018, 09:00 am
© Reuters.  UPDATE 1-US firm Ocean Infinity says hopeful of getting MH370 search contract soon

(Adds comment from Australian Deputy PM)

KUALA LUMPUR, Jan 3 (Reuters) - U.S.-based seabed exploration firm Ocean Infinity on Wednesday said it was moving a vessel closer to a possible search area for missing Malaysia Airlines flight MH370 as it soon expects to be awarded a contract by Malaysia to resume the search.

The disappearance of the aircraft en route from Kuala Lumpur to Beijing in March 2014 with 239 people aboard ranks among the world's greatest aviation mysteries. Australia, China and Malaysia ended a fruitless A$200-million ($157 million) search in January last year.

But in October, Malaysia said it was in talks with Ocean Infinity to resume the search on a "no-cure, no-fee" basis, meaning it will only get paid if it finds the plane. Infinity is hopeful of receiving the final contract award for the resumption of the search for MH370 over the coming days," a company spokesman told Reuters in an emailed statement.

"With a relatively narrow weather window, we are moving the vessel, Seabed Constructor, towards the vicinity of the possible search zone. This is designed to save time should the contract award be forthcoming, as hoped," he said.

Reuters shipping data showed the Seabed Constructor left Durban, South Africa, on Tuesday and was headed to Perth, Australia, where it is due on Feb. 7.

Malaysia's deputy transport minister, Aziz Kaprawi, said the government was negotiating final terms of the agreement with Ocean Infinity and he was not aware of the vessel's movement.

"We are in the final stages of the decision. On our part, we have yet to finalise the agreement," he told Reuters.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

When asked whether Australia and China would be consulted about the contract award, Aziz said: "Basically, Malaysia will make the decision, as this offer was made to the Malaysian government. The cost will also be decided by Malaysia."

Australia's Deputy Prime Minister, Barnaby Joyce, said the plane may never be found.

"I have, to be quite frank, some concerns as to whether it will be found," he told Australian Broadcasting Corporation radio on Thursday.

"We've seen parts of the wreckage washing up on beaches in Madagascar and other parts a long way away from the arc in which we would presume to find it in, which might suggest that it broke up."

Investigators believe someone may have deliberately switched off the transponder of the Boeing (NYSE:BA) 777 before diverting it over the Indian Ocean.

Various pieces of debris have been collected from Indian Ocean islands and Africa's east coast and at least three of them have been confirmed as coming from the missing plane. ($1 = 1.2770 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.