Dragados UK is set to finalise the construction contract with the Harbour Board at a signing ceremony later today, 20 December. Work will begin in early 2017 and is scheduled for completion in 2020.
The three-year development into Nigg Bay will see Dragados develop facilities to accommodate larger vessels, including 1,400 metres of new quay, a water depth of up to 10.5 metres and an additional 125,000 sq m of lay-down area.
Overall, it is estimated the development will generate an additonal £1 billion per annum to the economy by 2035, creating 7,000 jobs.
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Funding arrangements for the project incorporated commercial borrowing from the European Investment Bank, and funding from the Aberdeen City & Region Deal.
Colin Parker, Chief Executive of Aberdeen Harbour Board, said: "We are delighted that, after six years of detailed planning and extensive consultation with our many stakeholders and the regulatory authorities, we are now in a position to approve commencement of construction."
Transport Minister Humza Yousaf added: "This is excellent news for Aberdeen and the Scottish maritime industry, as the signing of the construction contract means this nationally significant project can now get underway in earnest.
"The significant investment will bring jobs and business to Aberdeen, supporting the local and national economy. The historic harbour will be transformed to accommodate larger vessels, opening up potential new revenue streams and offering customers world-class marine support facilities."
(LM)
