Rolex official F1 timekeeper from 2013

Luxury watch making brand Rolex will become the official Formula 1 timekeeper from the 2013 season, it was announced on Wednesday.

As a result of the deal, the Rolex logo will appear around the circuits and at several corners during Formula 1 races.

In a statement, Rolex said its presence in Formula 1 is "due to develop over the coming seasons".

The new partnership means the Swiss company also becomes the official timepiece to the sport.

Formula 1 had signed a multi-year deal with LG in 2008 as its technology partner. LG's logo featured on F1's live timing system.

"Without question Rolex is the partner of choice for a world class sporting series like Formula 1," said F1 boss Bernie Ecclestone.

"The brand's prestige, the excellence of its watches as well as Rolex's passionate and long-standing commitment to motor sports gives it true credibility.

"This partnership is something that many people interested in Formula 1 will have been waiting for and should rightly be excited about. Rolex has incredible sporting heritage and therefore Formula 1 is the right place for Rolex to be."