It prolongs the existing partnership by 12 years to include the 2022 Winter Olympic Games in Beijing and through to the 2032 Summer Games.

The announcement was made at the Olympic Museum in Lausanne in Switzerland by IOC President Thomas Bach, Omega chairman Nick Hayek and Omega President and chief executive Raynald Aeschlimann.

Omega, a part of the Switzerland-based Swatch Group, is the first of the IOC's 13 The Olympic Partner (TOP) programme members to commit to the Olympic Movement through to 2032.

The extension marks 100 years since the start of Omega's relationship with the Olympic Games, which dates back to Los Angeles 1932.

The partnership will continue the commitment by Omega to provide cutting-edge timing, scoring, and in-venue results system and equipment, which the IOC claims is critical for the success of the Olympic Games.

"Omega is the world's leader in sports timekeeping, and the extension of our agreement through to 2032 means Olympic athletes will continue to be able to rely on Omega's expertise," Bach said.

"It is an important milestone, as it will mark 100 years since the Olympic Movement was first able to count on Omega's timekeeping solutions."

Omega has served as official timekeeper at the Olympic Games on 27 occasions.

It has developed and introduced what is described as the most cutting-edge timekeeping equipment in the world, including the starting pistol, touchpads for swimming and the Scan 'O' Vision MYRIA photofinish camera, which made its Olympic Games debut in Rio de Janeiro last year and can capture 10,000 digital images per second.

"The Olympic Games is one of the most emotionally-stirring events in the world, with an Olympic medal as the ultimate sporting dream," Hayek, who is also chief executive of the Swatch Group, said.  

"Its message of unity through sport is deeply compelling for people everywhere. 

"From whichever media platform available, people tune in and cheer for their favoured athletes. 

"We at Omega are honoured that since 1932 we have been part of creating this emotion by measuring the fractions of a second or the distances that will decide between gold, silver and bronze. 

"We are happy and proud to continue this tradition until 2032, which will mark 100 years of partnership between Omega and the Olympics."

Tsunekazu Takeda, the IOC's Marketing Commission chair, added: "We are delighted that Omega has become the first global Olympic Partner to reach an agreement through to 2032. 

"It is also the first time in our long relationship that Omega has extended its partnership by 12 years, which underlines the strength of the Olympic Games and the IOC's commercial programmes."

Earlier this year, Omega released a second commemorative watch to mark the Pyeongchang 2018 Winter Olympics.

The Seamaster Planet Ocean Pyeongchang 2018 timepiece was released in February following the Omega Countdown Clock unveiling in Seoul to celebrate the one-year milestone. 

In 2016, the company produced the Seamaster Aqua Terra Pyeongchang 2018 limited edition watch to mark the two-year to go mark.

Both watches have the Pyeongchang 2018 logo included on a sapphire crystal caseback.

However, on the Planet Ocean watch, the words "Planet Ocean" and "limited edition" have also been engraved in blue.

To correspond with the year in which the next Winter Olympic and Paralympic Games will be held, only 2,018 will be made.

The limited edition watches retail at $6,400 (£4,900/€5,800).

Omega, which signed an agreement to extend their TOP sponsorship to the Tokyo 2020 Olympics back in 2009, also produced watches for the Sochi 2014 and Rio 2016 Olympics.

Other members of the TOP programme include Coca Cola, Alibaba Group, Atos, Bridgestone, Dow and GE.

McDonald's, Panasonic, P&G, Samsung, Toyota and Visa complete the list.