Ocean Racing Technology will take over from Tech 1 Racing in the GP3 Series from the 2012 season.
The Portuguese squad, which also races in GP2, has reached an agreement with Tech 1 Racing that will see Ocean making its debut in the series this year.
Ocean, led by Jose Guedes and Tiago Monteiro, will be on track for the first time next week at Barcelona for the official pre-season test.
"We are very happy to welcome Ocean Racing Technology to GP3," said series boss Bruno Michel. "They become the fifth team involved in both of our Series along with Lotus GP, Arden Motorsport, Carlin and more recently Trident Racing.
"It is a great opportunity for the Portuguese Ocean's team. This new season is set to be another thrilling one."