South Korea says it's ready to start work to salvage ferry that sank last year

In this Wednesday, April 15, 2015 photo, a South Korea Coast Guard boat passes a buoy, which marks the site where the ferry Sewol sank off Jindo, South Korea. South Korea’s oceans ministry says it’s ready to start works to salvage a ferry that sank last year, killing more than 300 people. The letters at a buoy read " Sewol."(AP Photo/Ahn Young-joon) (The Associated Press)

In this Wednesday, April 15, 2015, photo, a passenger ship with family members of the victims of the ferry Sewol sinking passes a buoy, which marks the site where the ship sank off Jindo, South Korea. South Korea’s oceans ministry says it’s ready to start works to salvage a ferry that sank last year, killing more than 300 people. The letters at a buoy read " Sewol."(AP Photo/Ahn Young-joon) (The Associated Press)

SEOUL, South Korea – South Korea's oceans ministry says it's ready to start work to salvage a ferry that sank last year, killing more than 300 people.

The Ministry of Oceans and Fisheries says it will ask the safety agency to approve plans to hoist the ship from the seafloor off the country's southwest coast.

A ministry statement Monday said it aims to choose a company to hoist the ship within two months of getting formal approval for the salvaging. It said some of the work to salvage the ship could start in October.

The safety agency is widely expected to endorse the plan. President Park Geun-hye promised on Thursday — the anniversary of the April 16, 2014, sinking — to lift the ship.

The estimated cost of raising the ferry is $91-137 million.