And while he insisted he signed to bring silverware to the club - Ferris also credited operations director David Humphreys as a main reason behind his stay.
"Ulster is the team I've always followed and I have a huge desire to achieve something big with the club. I don't want to leave Ulster without winning something," Ferris said.
"I'm competing against top quality players every single week for my place in the team, I've got to be training really hard and absolutely on top of my game to ensure I'm selected and that challenge keeps me hungry and makes sure that I am working to be the best player I can be.
"In many ways, David has made it very easy to stay. He has a vision for Ulster that I've bought into and he recruited well and built a squad that I'm delighted to remain a part of.
"Every season is a fresh start to an extent but this season is different. There is a definite sense that this is the start of something special.
"There's a buzz around the squad and organisation as a whole, not just amongst the players and staff but amongst our supporters.
"Our young squad of players is growing up together and when you throw in the big names that have signed over the summer I'm very optimistic that we will live up to our potential and excited that I'm going to be part of it."