A US-based company is close to signing a Deal with the Malaysian government, that will see a restart of the search for flight MH-370, which disappeared under mysterious circumstances in 2014.

On the day the flight vanished, March 8th, 2014, it had 239 people on board, and its disappearance is ranked as one of the world's greatest aviation mystery's.

Houston based Ocean Infinity, a company that specializes in marine exploration told CNN via email, through its public relations firm, Celicourt Communications, that the signing of the contract had not been done yet, but good progress had been made.

A statement from the Malaysian government also confirmed that the deal had not yet been finalized. This contradicted an earlier announcement by Australia's transport minister which claimed the contract had already been awarded to Ocean Infinity.

Previous search for MH-370

After three years of an unsuccessful search by three governments, Australia, China, and Malaysia, which spent $160 million in their effort, the search for the 777 Boeing plane was officially called off in January this year.

Led by the Australian Transport Safety Bureau, the search used satellite imaging, signals, and data technology, and concentrated on an area approximately the size of Pennsylvania located around 1,000 miles west of the Australian city of Perth.

Since the plane's disappearance, a total of 18 pieces of wreckage believed to be from MH-370, have been washed ashore in different parts of the world. But the main wreckage has remained elusive.

The three governments that conducted the search have agreed that a more promising area where the plane could be found was located north of their previous search area, and was about the size of Vermont.

No find, no fee deal

If the deal goes through, Ocean Infinity will agree to a 'no find, no fee' arrangement which means the exploration company will only be paid if they find the MH-370 wreckage.

The Malaysian government through the Department of Civil Aviation said if an agreement was reached with Ocean Infinity, Australia and China will be notified alongside the next of kin of the 239 passengers and crew that were aboard the ill-fated flight.

An advantage the Houston company may have over the previous search effort is the use of autonomous underwater vehicles that can search the ocean floor up to 20,000 feet deep and can move much faster.

The governments used sonar vehicles, which were attached with cables behind ships. This proved challenging especially when they encountered bad weather or rough underwater terrain.

The families of the victims may now have another chance to know what happened to their loved ones aboard flight MH-370 if the new search deal is signed.