Ryan Briscoe will remain part of an unchanged Penske line-up in next year's IndyCar Series.
The team confirmed on Thursday that the 30-year-old Australian, whose future with the team had been in doubt, will partner Will Power and Helio Castroneves at the three-car squad.
"We are excited to return with a three-car team in 2012," said Penske president Tim Cindric.
"The combination of Helio, Ryan and Will has been a formidable one on the track and they work very well together as team-mates. Our goal all along has been to continue running three cars and thanks to our terrific partners, we have been able to make everything work from the business side.
"Now, all of our focus will be on developing the new Chevrolet IndyCar and getting ready for a strong return to the track in 2012."
Briscoe finished sixth in the IndyCar points this year, having taken four podium finishes. He also has six series wins to his name, the most recent coming at Texas in 2010.