Aecom Technology Corp. said Thursday that it has been awarded a five-year, $70-million contract by Dragados USA for design and construction services to upgrade Florida's I-595 highway.

Dragados, the design-build contractor, will lead construction with Aecom as its design partner.

The $1.25-billion highway project is being financed through a public-private partnership, or P3, that includes the Florida Department of Transportation. In P3 ventures, the private sector typically designs, builds, finances and operates the project in a long-term agreement with a government entity.

"This project provides an excellent example of how the P3 funding model can contribute to important infrastructure projects," Chief Executive John M. Dionisio said in a statement. "We expect to see an increase in P3 projects to quickly fund and deliver necessary infrastructure investments."

Aecom shares were up $1.44, or 5.4 percent, to $27.93 in midday trading on the New York Stock Exchange.

For reprint and licensing requests for this article, CLICK HERE.