KUALA LUMPUR -- The Malaysian government has agreed in principle to resume the search for Malaysian Airlines flight MH370, Malaysian Transport Minister Anthony Loke Siew Fook said on Friday.

Loke told a press briefing that the cabinet has agreed in principle to accept the proposal from exploration firm Ocean Infinity to proceed with seabed search operations to locate MH370 in a new area estimated at 15,000 square kilometers in the southern Indian Ocean.

"This endeavor will be based on the 'no find, no fee' principle. Under this principle, the Malaysian government will not be required to pay Ocean Infinity unless the wreckage of the aircraft is discovered," he said.

Loke also said the proposed new search area, identified by the firm, is credible based on the latest information and data analyses conducted by experts and researchers.

The disappearance of MH370 was a tragic incident that occurred on March 8, 2014, when the Boeing 777, en route from Kuala Lumpur International Airport in Malaysia to Beijing Capital International Airport in China, vanished from radar screens with all 239 on board.