The Manor Marussia F1 Team has announced its full intention to compete in the 2015 Australian Grand Prix season opener and has confirmed Will Stevens as its first driver.

The team, which looked set to fold after applying for administration and missing the final three races of 2014, appears to have been saved from the brink after moving into a Company Voluntary Arrangement (CVA) earlier this month. Indeed, even though its recovery plan to get back on the F1 grid didn't receive unanimous support it requires from rival teams to return, it has nonetheless forged ahead with plans.

Now an official statement from the team has revealed its full intention to be present at the Australian Grand Prix on 13-15 March and though it says its full plan will be communicated in due course, it confirms the car it will use is at an 'advanced stage of build'.

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"The approval by the Company's creditors on 19 February 2015 to a Company Voluntary Arrangement paves the way for the team to exit from administration and since that time everyone involved with Manor has been working flat out on the key components of its 2015 challenge.

"The car with which Manor will begin the season is now in an advanced stage of build at the team's current race preparation facility in Dinnington, UK, where personnel are working 24-7 towards the air freight despatch date of 6 March.

"As the sport counts down to the curtain-raising 2015 Formula 1 Rolex Australian Grand Prix in 18 days' time, Manor is now in a position to be able to provide regular updates on its preparations for Melbourne and wider plans for the season, including the completion of its driver line-up.

Furthermore, it has revealed Stevens - who made his F1 debut at the 2014 Abu Dhabi Grand Prix with Caterham and is a former Marussia reserve driver - will drive the car at Albert Park, with the second driver to be announced soon.

Despite no opportunity to test its car before the season, Manor's plans to return to the F1 grid is being supported by the FIA and is likely to see it using an updated version of its 2014 specification car in the opening three rounds before it brings a new car to the grid from Bahrain.

Ferrari has already confirmed its intention to supply the team with engines, albeit 2014 specification power units