Farrans Construction has won the contract to build the first Olympic-sized swimming pool in Northern Ireland.
The pool is to be part of a new leisure complex in Bangor, County Down.
The project represents an investment of £38m, which includes £15m from the Northern Ireland Executive.
Construction on the new facility is due to begin before the end of August. It is expected to open by late summer 2012.
Farrans managing director Eamonn Sweeney said: "We anticipate the project will protect the employment of some 20 existing staff as well as creating employment for some 200 tradesmen through the supply chain during construction.
Commenting on the award, Mayor of North Down John Montgomery said the "facility will be a tremendous local legacy from the London 2012 Olympic and Paralympic Games and deliver long-term economic and sporting benefits to the people of North Down".
Sports Minister Nelson McCausland said that "as a regional centre of excellence, it will be a state-of-the-art facility to be enjoyed by all the people of Northern Ireland".