South Korea said on Tuesday that it had agreed to an 85.1 billion won ($73 million) deal with a Chinese-led consortium to salvage a ferry that sank in an accident that killed more than 300 people in April 2014. A formal contract may be signed as early as Wednesday.

The consortium, led by China's State-run firm Shanghai Salvage Co, which was picked as the preferred bidder for the project last month, plans to raise the 6,800-ton Sewol by July, according to Seoul's Ministry of Oceans and Fisheries. The salvage company has experience in recovering large ships and was involved in lifting a river cruise vessel that sank in China's Yangtze River in June. More than 400 people died in that accident.

"Since the typhoon season usually comes around late July or August, we think it would be best to deploy all equipment and personnel before that period to give ourselves the best shot," a ministry official, Yeon Yeong-jin, said.