Construction and engineering firm BAM Nuttall has won two major contracts to transform the Olympic Park after the London 2012 Games, officials said Thursday.

The Olympic Legacy Company said BAM Nuttall landed two contracts totaling 76 million pounds ($120.3 million) in work on the North Park and South Park areas of the site.

The Olympic Legacy Company said about 500 temporary jobs will be created from the deal, which covers an 18-month build to clear Games-time structures including temporary venues such as the basketball arena and warm-up track along with walkways and roads.

New roads and paths for cyclists and pedestrians will be laid across the site and the surrounding area, and permanent venues, bridges and parklands will be completed for their legacy use.

The British legacy company said the cost of the work to transform the 2012 venue into the newly named Queen Elizabeth Park will come from 292 million pounds already earmarked under the Olympic budget.

The Olympics start July 27th and end Aug. 12th and the Olympic Park is set to reopen in phases from summer 2013 on.

Andrew Altman, chief executive of The Olympic Legacy Company, said the project will be a huge achievement given the scale of construction work that is needed.

"BAM Nuttall worked on the original Olympic Park and their hands on knowledge will be invaluable in helping us to achieve our target of reopening the Park in phases from July 2013," Altman said.