A private company has renewed its pledge to locate MH370 on a 'no find, no fee' basis after authorities spent $200million on a fruitless search.

The Australian Transport Safety Bureau (ATSB) attempted to find the missing aircraft for two years after it vanished during a flight from Kuala Lumpur to Beijing in 2014.

US-based company Ocean Infinity was this week briefed by the ATSB in London after it earlier offered to take up the search for free should it be unsuccessful.

The Australian Transport Safety Bureau (ATSB) attempted to find missing aircraft MH370 for two years. A private company has renewed its pledged to locate the wreckage on a 'no find, no fee' basis

A Boeing 777 flaperon cut down to match the one from flight MH370 found on Reunion island off the coast of Africa in 2015 is lowered into water to discover its drift characteristics

The two-day meeting involved officers of the CSIRO, the ATSB and other bodies which were involved in the original search, The Australian reported.

'We only talked about where they would search,' a CSIRO drift modelling expert told the paper, indicating the original agreement may go ahead.

Ocean Infinity's search could reportedly start in a matter of weeks.

The company struck the 'no find, no fee' deal with the Malaysian Government earlier this year and was to receive $90 million only if it located the wreckage.

It plans to use sonar scanning equipment to find aircraft, after a multinational search cost Australian, Malaysian and Chinese taxpayers $200million.

The three countries agreed to suspend the search in January after 120,000 square kilometres of seabed was combed without finding any trace of the doomed flight.

MH370 disappeared without a trace with 12 Malaysian crew members and 227 passengers from 15 nations on board.

A multinational search cost Australian, Malaysian and Chinese taxpayers $200million. This piece of aircraft debris discovered on the island of Pemba, off the coast of Tanzania