Caterham have confirmed they will remain under Renault power for the new V6 turbo era, signing a three-year deal with the French engine supplier.

The back-of-the-grid team is the third to announce a deal with Renault after Red Bull and Toro Rosso also confirmed they would use the V6 units from next season. Lotus are expected to be the fourth team under Renault power in 2014.

One team that has made the move away from Renault is Williams, who will switch to Mercedes power from next year.

"This announcement is obviously very good news for our F1 team and is a reflection of the deep bonds that have been created between our two businesses since 2011," said team boss Cyril Abiteboul in a statement.

One aspect of the new engine rules coming for 2014 is the steep increase in price customer teams are paying for the new power units, speaking in Singapore, Caterham owner Tony Fernandes admitted F1 teams had failed in the cost cutting department.

"We screwed it up, it's as simple as that," he told reporters.

Bernie Ecclestone too also admitted some displeasure to the 2014 rule changes but said one team could of helped preventing the new rules from being introduced.

"The one that could have stopped it, really, was Ferrari," he told the New York Times.

"Ferrari had a veto over a lot of these changes when they were made, and they didn't veto it. If they had, I'd have completely supported it," he added.

Meanwhile back at Caterham and the talk in the paddock over the Singapore weekend is Finn Heikki Kovalainen is set to return to the Anglo-Malaysian outfit for next season.

Making a now rare trip to the F1 paddock in Singapore, team owner Fernandes said Kovalainen had a "big chance" for a F1 return in 2014.

"We were trying to save for 2014," he said.

"This is the state of Formula One right now where unfortunately sometimes the budget plays a large part in your decision making."

Asked directly about Kovalainen's chances for next year Fernandes added: "(A) big chance.

"I don't want to say more than that. Heikki is still with us, he is a big part of this family," he said.

Should the Finn return it is likely Dutchman Giedo van der Garde would be the man ousted at the team as Frenchman Charles Pic looks set to keep his seat for another year.

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