PUTRAJAYA (May 30): The search for the fateful Malaysia Airlines Flight MH370, which came to an end yesterday, had cost the government approximately RM500 million since its disappearance on March 8, 2014, Transport Minister Anthony Loke said today.

“It is with heaviest heart and deepest sorrow, the operation was unable to locate MH370. Despite every effort using the best technology available, modelling and advice for the highly-skilled team of experts and search operation crew who are the best in their field, unfortunately the search has not yielded the result we hope for,” he told reporters after the Cabinet's weekly meeting today.

Combined scientific studies were continuously used to refine areas of probability, he said. However, no new information was encountered upon to determine the exact location of the aircraft.

The Boeing 777, which carried 239 passengers, was en route to Beijing from Kuala Lumpur, when it went missing from the radar.

The search in the southern Indian Ocean, conducted by US-based Ocean Infinity Limited (Ocean Infinity), covered a total area of 112,000 sq km, far in excess of the 25,000 sq km of the initial target.

Loke said the agreement with Ocean Infinity ended earlier, but was extended until yesterday, showing no positive results.

“There will be no more extension, and we will proceed with the final report that will be completed. We will inform the families and given access to the report before we make it public,” he added.

Independent investigation committee Malaysian International Civil Aviation Organisation (ICAO) Annex 13 Safety Investigation Team for MH370, has been urged to finalise the report on the search for publication by July.

The team, led by Malaysia, is made up of seven international air accident and incident investigation organisations from Australia, China, France, Indonesia, Singapore, the UK and the US.

Loke said the agreement with Ocean Infinity was on a 'no cure, no fee' basis, meaning if the aircraft was found, Malaysia would have had to pay the company US$70 million.

“We are committed to the search and we have spent RM500 million to date, but if there are any credible evidence that can be given to the government, we will revisit the investigation,” Loke added.