The search for missing Malaysian Airlines Flight MH370 will conclude on 29 May after the Malaysian Government and US based private contractor, seabed exploration firm Ocean Infinity, came to the agreement that the four year hunt was to end.

The search was set to end in June but due to Malaysia’s budgetary constraints that have the nation in a 1 trillion ringgit debt [$330 billion AUD], costs for the search are being cut.

Malaysia’s new Transport Minister Anthony Loke Siew Fook said on Wednesday that he “raised this in cabinet and agreed to extend to May 29”. It leaves Ocean Infinity five days to find the missing plane before the search is called off.

Ocean Infinity CEO Oliver Plunkett stated that no trace of the plane has been found despite a vast search of 80,000 sq km in the southern half of the Indian Ocean just off the west coast of Australia.

“Whilst it’s disappointing there has been no sign of MH370 in the Australian Transport Safety Bureau search area and further north, there is still some search time remaining,” Plunkett said.

“Everyone at Ocean Infinity remains absolutely determined for the remainder of the search.”

Malaysia had previously agreed to pay Ocean Infinity up to $93 million provided they found the aircraft after they both agreed to a no-find no-fee basis.

The overall distance of the search these past four years has spanned over 200,000 sq km resulting in potentially $290 million spent on the locating the mysterious Boeing 777.

Flight MH370 vanished on March 8 2014 when en route from Kuala Lumpur to Beijing which saw 239 lives including six Australians lost.

Anthony Loke said the government would release a final report about the investigation of Flight MH370 will be at the conclusion of the search but the date is yet to be established.