A new search for Malaysia Airlines MH370 resumed on Feb 25 off the western coast of Australia, covering the Indian Ocean area 1,500 kilometers west of Perth.

Ocean Infinity, a United Kingdom-based exploration firm, has signed a "no find, no fee" contract with the Malaysian government for the search, according to Australian news outlet 9News.

ALSO READ: Malaysia says to resume search for wreckage of missing flight MH370

Compared to a previous search that covered about 200,000 square kilometers, the latest effort is aimed at being more precise and targeted.

On Dec 20 last year, Malaysian Transport Minister Anthony Loke Siew Fook announced that the Malaysian government had agreed in principle to resume the search for the missing flight.

Loke stated that, under the agreement, Malaysia will not incur costs unless the wreckage is discovered.

READ MORE: M'sia seeks to resume MH370 search 10 years after it vanished

Loke also said the proposed new search area, identified by the firm, is credible based on the latest information and data analyses conducted by experts and researchers.

Flight MH370, a Boeing 777 aircraft, went missing during its journey from Kuala Lumpur to Beijing on March 8, 2014, with 12 crew members and 227 passengers onboard, including 153 from China and seven from Australia.

Agencies and Xinhua contributed to this story.