Swedish construction and development company Skanska has entered into a contract with the Finnish Transport Agency for a €45m road project.

The contract will see Skanska transform Highway 8 between Raisio and Nousiainen in Finland into a motorway.

The deal will be included in order bookings for Skanska Finland in the first quarter of this year.

"Skanska’s latest project involves about 9km of highway and includes the construction of 4km of new motorway."

Skanska’s latest project involves about 9km of highway and includes the construction of 4km of new motorway and 5km of a new lane beside the existing road.

The Swedish builder will also construct 16 new bridges on the road section.

Construction under the new project is scheduled to commence in February, with the contract period ending at the end of October 2016.

Skanska Finland is a construction company with operations in Finland and Estonia. It focuses on building construction, residential and commercial premises, as well as civil engineering projects.

The combined sales of Skanska’s Finnish and Estonian operations were SEK8.4bn ($1.29bn) in 2012, and the company employed 2,460 people.

In August last year, Finnish Transport Agency had selected Skanska for a €56m contract to construct a bypass road in Seinäjoki, Finland.

The contract included design and construction of the bypass road, including 16km of road and 17 bridges.

Construction work on the new project commenced in August 2013, with the project expected to be concluded in November 2016.