The transporters will carry Challenger II tanks
The deal was signed with the British consortium FASTTRAX who will own, operate and maintain the 92 transporters.
It is the first frontline operation example of the new Private Finance Inititiative (PFI).
They are designed mainly to move the Challenger II tank, during both peacetime and conflict.
The consortium signed a 20-year deal to supply the heavy equipment transporters (HET).
The consortium was led by Brown & Root, an engineering and construction firm with a with a strong interest in the defence sector.
Tony Pryor, chief operating officer for Brown & Root in Europe and Africa, said: "It is an important contract for us to have won and it is equally important that the project is a success.
"I am confident that our strong partnering culture, our ability to deliver and Brown & Root's experience in managing large, complex projects, will ensure that the HET programme is indeed a success."
Sponsored reserves
The new HET will take the place of the Army's existing fleet of tank transporters.
Due to begin in 2003 the service is based on using sponsored reserves to drive the vehicles.
These are a new type of reserve, trained to drive tank transporters, who will be employed by the contractor in peace time and "called up" in times of conflict for operations under military command.
The transporters will be made from an eight-wheel drive purpose-built military tractor unit coupled to a self-levelling, steerable seven-axle trailer.
It is the first of its kind designed and produced in Britain.
Each will be able to carry the 72-tonne Challenger tank at speeds of up to 50mph to the frontline during military operations.