Walter Grubmuller and Daniil Move stay with P1 Motorsport in Formula Renault 3.5

Grubmuller will embark on his third year with the British squad. The 23-year-old Austrian endured a tough 2011 season, in which he was ruled him out of three rounds through injuries sustained in an accident at the Nurburgring.

"I expect the competition to be tough as always, but we will certainly be aiming for the podium, said Grubmuller.

"I'm very happy to remain with P1 Motorsport for a third consecutive season - we worked extremely hard last year on improving our results and it will be good to continue with that development."

Move is the most experienced driver to be confirmed in this year's field, having participated in the championship every year since 2007. Last year the Russian was an occasional race leader and scored two podiums on his way to tenth in the drivers' standings.

"I have developed as a driver a lot over the past few seasons - when I first arrived in World Series by Renault I had relatively little experience compared with other drivers, who had competed for years in karts and other junior series," said Move.

"The FR3.5 championship is very competitive, but we've made significant steps forward and with P1 in 2012, and I'm definitely aiming for a top three championship position."

Both drivers are searching for their first victory in the category, but P1 is aiming to reap the rewards of a stable driver pairing.

"It's always beneficial to have continuity from one year to the next," said the team's chief engineer Mike Henderson.

"The team has been working hard over the winter in preparation for 2012, and we're confident of being a competitive force in this year's title chase."