The Malaysian government has entered into an agreement with U.S.-based seabed exploration firm Ocean Infinity to resume the search for missing Malaysia Airlines flight MH370, according to the Australian government.

"The Malaysian Government has accepted an offer from Ocean Infinity to search for the missing plane, entering into a 'no find no fee' arrangement," Australian transport minister Darren Chester said in a statement issued late Thursday.

Ocean Infinity will focus on searching the seafloor in an area that has previously been identified by experts as the next most likely location to find MH370, Chester said, adding that Australia, at Malaysia's request, will provide technical assistance to both parties.

Malaysia Transport Minister Liow Tiong Lai is expected to issue a statement on the agreement later in the day.

After nearly three years of combing the ocean without success, the Malaysian, Chinese and Australian governments in January decided to suspend the search for the jetliner until "credible new information" is available.

Family members of those on board had protested and pleaded for the authorities to consider proposals in recent months from Ocean Infinity and other companies to restart the hunt.

The Boeing 777 vanished from radar less than 40 minutes after taking off from Kuala Lumpur International Airport just after midnight on March 8, 2014.

The plane was on its way to Beijing with 239 people on board, with over two-thirds of the passengers Chinese. Australia helped lead the hunt for the plane in remote waters west of the country.

Based on radar and satellite communications, the plane was calculated to have plunged into the southern Indian Ocean.