Red Bull Racing announced today that it has extended its current contract with Scott Speed, America's most promising Formula 1 hope. Under the new agreement, the 22-year-old Californian will become a test driver for the team for the 2006 season, with performance-related options for the future.

Currently lying third in the 2005 GP2 series, Scott has shown impressive pace this year, aboard both GP2 and Formula 1 racing cars. His strong performance as Red Bull Racing's third driver in the 2005 Montreal and Indianapolis Grands Prix, has been further reinforced by the natural speed he's shown when completing various testing duties for the team.

A product of the 2003 Red Bull American Formula 1 driver search, Scott began his career like many other motorsport drivers, behind the wheel of a kart. Taking his first national championship in 1995, he quickly rose through the ranks, winning a number of national titles before Red Bull selected him to contest a handful of British Formula 3 events in 2003. The following year, Scott won the Formula Renault Championships in both Germany and Europe, before moving to the GP2 series in 2005.

Red Bull Racing Sporting Director, Christian Horner commented, "It was a natural decision to extend Scott's contract for 2006. We've been impressed with what he's achieved in GP2 this year, and the pace he has shown in tests and when driving the team's third car in Canada and Indianapolis is a strong indication of his potential.

"Scott's role will be very important as the team develops next year. He's one of the strongest drivers to come out of the USA for a long time and we're pleased to be able to give him the opportunity to demonstrate his potential within Formula 1.

"His progression from karting championships to Formula 1 demonstrates the benefit of the Red Bull American Formula 1 drivers search. Offering support and advice, the programme is geared towards helping talented USA drivers like Scott, into Formula 1 and opening up opportunities that might otherwise not have been available."

Scott Speed commented, "Obviously, I'm extremely pleased that Red Bull Racing has decided to extend my contract. This season has been very good for me and to take this step forward with Red Bull Racing for next year and hopefully beyond is a great opportunity. My aim has always been to race in Formula 1, it's my dream and this makes it much more of a reality. I've still got a hell of a lot to learn, but with the team around me and with David Coulthard as one of my team-mates, I'm in the best place to be able to do that."