Speaking at a press conference here today, Loke said the United States-based company would convene a meeting with him to present the plan, including a new search location.
"We will wait for their proposal and presentation, after which the MOT will need to prepare a Cabinet paper to obtain approval to commit to it.
"It is important to understand the principle of 'no cure, no pay'. If they fail to locate the aircraft, no payment will be made. However, if there is a commitment (agreement) and if they succeed, compensation is required. This involves financial implications and requires Cabinet approval," he said.
Ocean Infinity previously conducted a search in the Indian Ocean in 2017 and concluded it in 2018.
On March 3, Loke gave assurance that his ministry would do everything possible to secure Cabinet approval for a new contract with Ocean Infinity to resume the search for MH370, which went missing 10 years ago.
The following day, Prime Minister Datuk Seri Anwar Ibrahim expressed Malaysia's willingness to reopen the investigation into the missing aircraft should fresh and compelling evidence emerge.
The flight, carrying 239 people, disappeared from the radar on March 8, 2014, en route from Kuala Lumpur to Beijing.
-- BERNAMA
