Rolex has renewed its title sponsorship of the Formula One Australian Grand Prix.

The Swiss luxury watch brand will put its name to the season-opening race in motorsport's premier global series for a third successive year. Rolex is also the official timekeeper of Formula One.

Arnaud Boetsch, the Rolex communication and image director, said: “The opening round in Australia is always highly anticipated by sporting fans worldwide. It’s a truly world class event which is not only a favourite of drivers and teams, but fans too.

"The Formula One Rolex Australian Grand Prix is a crowning moment in Rolex’s support for Formula One and sets the scene for the rest of the season."

Formula One Group chief executive Bernie Ecclestone added: "From the beginning, we have worked towards this being a long-term union, and it’s superb to see that as we enter our third year those intentions are coming to life.

"It’s wonderful that such a prestigious brand will feature prominently throughout the 2015 season. Like Formula One, Rolex is driven by innovation and exceptional engineering, so I can’t think of a better brand alignment."

The 2015 Australian Grand Prix will take place from the 12th to 15th March. It will be the 20th consecutive edition of the race held at the Melbourne Grand Prix Circuit in Albert Park.