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Update on Ocean Infinity 'no find, no fee' search proposal -  

Courtesy Victor Iannello's MH370 blog :

Ocean Infinity CEO Discusses MH370 Search Offer
by Victor Iannello Posted: Tuesday, 8/15/2017

Oliver Plunkett, CEO of Ocean Infinity

I had the opportunity to converse with Oliver Plunkett, who is the CEO of Ocean Infinity (OI). My goal was to learn more about OI’s offer to search for MH370 in the Southern Indian Ocean (SIO). Although Mr Plunkett would not disclose the details of the confidential negotiations with Malaysia, he did provide information that is helpful to understanding the general terms of OI’s proposal.

First, OI’s offer is structured such that OI assumes 100% of the economic risk for the search. OI will NOT receive any payment if the wreckage is not found. So it would appear that if the success fee that OI is proposing is less than what Malaysia would have spent in conducting the search using conventional techniques, this is an extremely attractive offer.

I learned a bit more about the recent sea trials that Ocean Infinity recently conducted in the North Atlantic. The tests demonstrated that the underwater autonomous vehicles (AUVs) could be successfully launched and recovered. Each AUV also demonstrated that it could independently scan the seabed. Mr Plunkett said he was pleased with the results so far. Further work is planned at deeper depths and over a wider range of conditions. Mr Plunkett also explained that although the unmanned surface vehicles (USVs) could not be used in the roughest of sea states, the search for MH370 could nonetheless occur over a wide range of conditions. This is because the mission is to scan the seabed and identify the wreckage rather than to generate precise maps.

I inquired about the window of opportunity for completing the negotiations with Malaysia and starting the search. (We know from previous underwater search efforts that the search season in the SIO runs approximately from December to March.) Mr Plunkett is optimistic that Malaysia and OI will reach an agreement in a time frame that allows for adequate time to prepare for a search that begins this season.

Finally, I asked whether OI had already determined the specific area to search. Mr Plunkett explained that OI intends to complement its internal resources with input from other organizations and other outside experts to help define the search area. OI has already had some interaction with the ATSB, which he believes is completely committed to finding the wreckage. I don’t expect that OI’s search area will be very different than what we have been discussing here.

Over the course of our discussion, it became apparent that Mr Plunkett was aware of the many posts and discussions that appear on this blog.

With such a favorable offer on the table from an innovative and qualified firm, I remain optimistic that the seabed search will re-start. However, for the search to begin this season, the window of opportunity to complete the negotiations is narrowing. It is imperative that Malaysia not miss this opportunity.

MTF...P2