Construction group Balfour Beatty has been awarded a new £74 million contract for restoration work on the Forth Bridge.

The engineering and construction group said the bridge will be fully restored -including a new lick of paint – to its original condition by 2012. Shares reacted keenly in early trade, up 13p, or 3%, at 455 pence.

The company's civil engineering division has been working on the refurbishment of the bridge for the past six years. It will now be responsible for delivering the new contract, awarded by Network Rail, said the company.