As Phuketwan forecast, Sino-Thai Engineering & Construction Public Company has 31 months in which to finish the job.
That means intrepid travellers who have put up with less than satisfactory conditions arriving and departing on Phuket may eventually enjoy nirvana in February 2015.
A formal announcement was made by Airports of Thailand at a media gathering in Phuket City yesterday evening.
The new international terminal will be built first. That should take about one year, after which the building housing the Phuket airport's administration will go up, followed by a car park for 1500 vehicles.
The completed airport will be capable of handling five million international arrivals and departures plus 7.5 million domestic arrivals and departures.
International passengers will arrive on the building's second floor and be processed through Immigration on the third floor.
A viewing platform, restaurants and other services will be available on the third floor.
The extension will expand the number of docking point for aircraft from 15 to 25. and air bridges will increase from seven to 11.
Phuket is currently handling as many as 20 flights per hour and because there is only a single runway, this will not increase.
A study next year will look at a proposal to increase the length of the runway so larger aircraft can land on Phuket.
AoT officials said last night that under the scale of safety for airports, with five at the top, Phuket is rated at three.
At present 30 airlines operate scheduled flights in and out of Phuket, plus five charter brands.
Phuket is rapidly growing busier with an average of 75 flights per day in 2012 compared to 54 per day a year ago. In 2011, Phuket airport averaged 506 flights per week and handled 8.4 million passengers coming and going.
That increase of 11 percent is likely to continue this year, with officials expecting Phuket to handle a total of 9.32 million passengers.
Plans for the expansion of the airport were first revealed in 2008. The four-year gap before appointing a contractor means that Phuket tourists, coming in rapidly increasing numbers, sometimes must endure sub-standard and slow processing coming or going.