MH370: New phase to include private contractors, may cost $60 million

The next phase in the search for Malaysia Airlines Flight 370 will be a more intense underwater search that will use private contractors, take months and cost about $56 million, officials said Monday.

"I regret to say that thus far none of our efforts in the air, on the surface or under sea, have found any wreckage," Australian Prime Minister Tony Abbott said Monday.

Because it's "highly unlikely" that any debris will be found on the ocean surface, authorities will be suspending aerial searches. By now, most of the debris will have become waterlogge

d and will have sunk, he said.