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Ocean Racing Technology pulls out of GP2 and GP3

ESPN Staff
January 16, 2013 « Hilmer replaces Ocean Racing Technology | Ferrari pushing for Bianchi seat »
Ocean Racing Technology scored two victories during its time in GP2 © Sutton Images
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Ocean Racing Technology has had to pull out of the GP2 and GP3 series due to financial difficulties.

The team leaves GP2 after four seasons, and will be replaced by the new German team Hilmer Motorsports. Team managers Tiago Monteiro and Jose Guedes said that a lack of payments had caused the financial difficulties, but said the team would not be closing down and hoped to return to both series in the future.

"We are sad to announce that our team was forced to stop its activity in GP2 and GP3 due to financial difficulties caused by the lack of payment from our partners Parkalgar and the Portuguese Government," a statement from the team read.

"We enjoyed the short time we were in both Series', we had a great time with success achieving wins and podiums, but unfortunately we cannot sustain our activity in these conditions. We sure hope to be back once these problems are solved, and in the meantime we wish a successful experience to Hilmer Motorsport and a great season to GP2 and our competitors.

"We want to thank everyone for their support during those four years: fans, friends, employees, GP2, drivers and competitors."