Swiss watch manufacturer Oris has signed up for a 12th season as a partner of the Williams Formula One team.

The British team, currently preparing for the start of the new championship in March, has traditionally struck single year partnerships with the company. In 2014, Oris logos will be positioned on the nose of the cars driven by Felipe Massa and Valterri Bottas.

Logos will also appear on driver and team overalls, gloves and driver helmets throughout the season.

In total, the agreement is likely to be worth around US$2 million in cash and value-in-kind.

"Oris feel like a part of the family," said Sir Frank Williams. "Strong partnerships are the lifeblood of an independent team like Williams and the continued support of Oris will help us fight for success this season."

Williams confirmed a new partner last week, with lifestyle protection insurer Genworth, and is believed to be in the final stages of agreeing a multi-million dollar title sponsorship with drinks brand Martini.

The Formula One season begins on 16th March in Melbourne, Australia.