The project is expected to cost £121m overall, with Government providing £98m funding and the balance coming from local sources.
Construction of the lifting bridge will create a more direct link between the western and eastern parts of the East Norfolk coastal town.
The contractors have developed a twin leaf bascule bridge design with the counterweights below-deck.
BAM Farrans Joint Venture Project Director Tony Mulholland said “We’re thrilled to be involved with the construction of Great Yarmouth’s Third River Crossing, which will offer in excess of 50 employment and training opportunities for job seekers, students, graduates and apprentices through ourselves and our supply chain within Norfolk.”