In a significant development from Kuala Lumpur, Malaysia’s transport ministry has announced that a private company will soon embark on another deep-sea search for the elusive Malaysia Airlines Flight 370. This revived effort, set to begin later this month, rekindles hopes of solving the mystery of the jet’s disappearance over a decade ago.

The search operation will be led by Ocean Infinity, a marine robotics company based in Texas. They have entered a “no-find, no-fee” agreement with the Malaysian government, a deal first established in March.

Back in 2018, Ocean Infinity conducted its initial seabed exploration under a similar contract but came up empty-handed. This time, the company has pinpointed a new search zone spanning 15,000 square kilometers (or 5,800 square miles) in the Indian Ocean. While the government had granted permission for this renewed mission, it was stalled in April due to adverse weather conditions.

Under the terms of the agreement, Ocean Infinity will receive a $70 million payout only if they manage to locate the wreckage.

Currently, it’s uncertain whether Ocean Infinity possesses new information regarding the plane’s whereabouts. However, CEO Oliver Plunkett mentioned last year that advancements have been made in their technology since 2018. He highlighted ongoing collaborations with various experts to scrutinize data and has reportedly honed in on the most probable search area.

The Boeing 777 plane disappeared from radar shortly after taking off on March 8, 2014, carrying 239 people, mostly Chinese nationals, on a flight from Malaysia’s capital, Kuala Lumpur, to Beijing. Satellite data showed the plane turned from its flight path and headed south to the far-southern Indian Ocean, where it is believed to have crashed.

An expensive multinational search failed to turn up any clues to its location, although debris washed ashore on the east African coast and Indian Ocean islands.

Malaysia’s transport ministry said in a brief statement Wednesday that Ocean Infinity will search intermittently from Dec. 30 for a total of 55 days, in targeted areas believed to have the highest likelihood of finding the missing aircraft.

“The latest development underscores the government of Malaysia’s commitment in providing closure to the families affected by this tragedy,” it said.

In Beijing, Chinese Foreign Ministry spokesperson Lin Jian said, “We … appreciate the efforts made by the Malaysian side.”