The deal will see Deltamarin provide the basic design for the vessels' deck outfitting and machinery.
Work on the project will be carried out in Rauma and Turku and is scheduled to continue until the second quarter of 2018.
Deltamarin Engineering and Concept Development director Janne Uotila said: “Deltamarin is well-known for passenger ship designs, especially RoPax ferries and cargo ship designs, for example bulk carriers and special vessels.
“However, over the years we have also participated in several navies and coast guard projects.
"We are now very proud to have the opportunity to be involved in this modernisation project for the Finnish Navy fleet.”
The Squadron 2020 programme has been designed to replace seven vessels that have either been decommissioned or are scheduled for decommissioning in the near future.
The Finnish Navy will procure four multi-role corvettes as part of the initiative, which will be used to carry out command and control of maritime operations, anti-surface warfare in the open sea, mine-laying at sea and anti-submarine warfare.
Each vessel will be equipped with the ability to provide year-round and long-endurance presence at sea in all weather and ice conditions in the Baltic Sea.
In addition, the new corvettes will be capable of conducting territorial integrity surveillance, securing important sea lines of communication and deterring attacks from the sea.
The Finnish Defence Forces' Logistics Command initially awarded a €7.5m contract to RMC for the design of the four corvettes in April.
The first vessels are slated to be commissioned in 2021.