Under the agreement, Malaysia Transport Minister Liow Tiong Lai told a press conference, Ocean Infinity must identify the debris field and/or locate the flight data recorder and cockpit voice recorder.
Chief Executive Oliver Plunkett said the vessel is expected to arrive on site on January 17.
There is a ray of hope for the next-of-kin of passengers of the missing Malaysia Airlines Flight MH370 to find closure following a memorandum of understanding (MoU) between Malaysia and United States-based Ocean Infinity Limited to begin a new quest for the ill-fated jetliner which vanished in 2014.
The payment terms are that $20 million will be paid if the wreckage and flight recorders are found within the first 5,000 sq km; $30 million within an additional 10,000 sq km; $50 million within a further 10,000 sq km and $70 million for search beyond 25,000 sq km.
He said the search will include 65 crew on board and two Royal Malaysian Navy personnel as the Malaysian government's representatives.
He said that while the deal is based on a "no cure, no fee" basis, a payment of US$70million (RM285 million) will be made if the USA firm is able to locate the debris field of the missing jumbo jet or the aircraft's black box within 90 days from the launch of the search starting mid-January.
The search was conducted in the South China Sea and Gulf of Thailand, becoming the most expensive search operation in the history of aviation. Now it's back to four years ago where we have to wait everyday (to find out) whether debris can be found, ' said Shin Kok Chau, whose wife Tan Ser Kuin was a flight attendant on MH370.
"That means they are willing to search the area of 25,000 square kilometers (9,653 square miles) pointed out by the expert group near the Australian waters", he said.
The underwater recovery effort was called off back in January 2017 after nearly three years of searching.
Ocean Infinity had dispatched a research vessel earlier this month towards the expected search area.
The Beijing-bound MH370 disappeared from the radar on March 8, 2014, some 40 minutes after taking off from Kuala Lumpur, reportedly after someone deliberately turned off its communication system and changed the route, according to an official investigation.
No sign of the plane was found in the search zone selected by satellite analysis of the flight's projected trajectory.