The contract, with American Bridge Company, will see the port's Berth 12 extended by 584 ft to 1,584 ft. It also involves the construction of a 10-acre container yard.
Work is to be completed by the middle of 2013, ahead of the expansion of the Panama Canal, which is currently expected to start operations in 2015, according to the statement.
The contract follows dredging finished in October last year. When completed, Berth 12 will be able to handle Panamax ships using the port's first container facility, the port authority said.
American Bridge was picked for the job among a total of 11 bidders. CH2M Hill will provide engineering services during the construction phase.