Bridgend Council aims to create a 400-berth marina and build sea defences.
The firms will build a new outer harbour and lock as well as refurbish the existing harbour.
Work will start on site next spring after detailed designs have been approved.
Contracts are also expected to be exchanged next month between Tesco and developer Chelverton Deeley Freed on the retail element of the regeneration project.
Nearby Sandy Bay will also benefit from improved coastal defences to combat climate change and a rise in sea level.
A 10m wide promenade and stepped revetment would provide improved access to the beach and prevent flooding while a rock revetment at Rhych point would help prevent further erosion.