More than 150 Chinese passengers were on the flight. Others included 50 Malaysians as well as citizens of France, Australia, Indonesia, India, the United States, Ukraine and Canada, among others.
Relatives have demanded compensation from Malaysia Airlines, Boeing, aircraft engine maker Rolls-Royce and the Allianz insurance group, among others.
Loke said Malaysia had assessed new data on the possible location from multiple experts and Ocean Infinity was confident about the chances of locating the wreckage.
“The data has all been presented. Our team has gone through and they felt that it is credible,” he said.
Malaysia engaged Ocean Infinity in 2018 to search the southern Indian Ocean but failed on two attempts.
That followed an underwater search by Malaysia, Australia and China in a 120,000 square kilometre area of the southern Indian Ocean, based on data from automatic connections between an Inmarsat satellite and the plane.
The new arrangement would be on a no-find-no-fee principle, whereby Malaysia would not be required to pay Ocean Infinity unless sufficient wreckage is found and verified.
Asked about the prospects of locating all of the plane, Loke said it would be unfair to expect a concrete commitment.
“Nobody knows for sure. It has been over 10 years,” he said.
MH370’s last transmission was about 40 minutes after it took off from Kuala Lumpur for Beijing. The captain signed off as the plane entered Vietnamese airspace and soon after its transponder was turned off.
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Military radar showed the plane left its flight path to fly back over northern Malaysia then out into the Andaman Sea before turning south, then all contact was lost.
A 495-page report into the disappearance in 2018 said the Boeing 777’s controls were likely deliberately manipulated to go off course, but investigators could not determine who was responsible and stopped short of offering a conclusion on what happened, saying that depended on finding the wreckage.
Investigators have said there was nothing suspicious in the background, financial affairs, training and mental health of both the captain and co-pilot.