Flowserve Expands Presence in Latin America Power Generation Market by Supplying Pumps for Two New Thermoelectric Power Plants in Chile

Flowserve Corporation (NYSE: FLS), a leading global provider of flow control products and services for the global infrastructure markets, today announced it is expanding its presence in the Latin America power generation industry by supplying pumps to Maire Tecnimont Group (Italy), one of the major European Engineering Contractors with a leading position in the regional market of power generation. The orders refer to two power stations located in Chile: Bocamina II for Endesa, and Puerto Coronel for Colbun.

"These orders demonstrates Flowserve’s commitment to the Latin America market, and reflects the strength of our pump offerings for the global power industry,” said Tom Ferguson, Flowserve Pump Division President. "We are very pleased that the depth of our product portfolio and the sales and service provided by our global team enabled us to support this project.”

The order represents part of a drive in Chile to increase power generation capacity dramatically in order to sustain economic growth. Both plants feature single reheat, coal-fired boilers and will generate electricity for local domestic and industrial use. Each plant has an output in excess of 350MW.

"Given the well known need for increased electric power across the globe, Flowserve is well positioned to substantially grow its power market installed base in the future,” said Lewis Kling, Flowserve President and Chief Executive Officer.

With an installed global base of more than one million pumps, the Flowserve Pump Division has sales offices, service centers and manufacturing facilities throughout the world. Flowserve’s Latin American facilities can provide best-in-class service to the two power stations to ensure a rapid delivery of pumps, parts and technical support to minimize equipment or plant downtime.

The order was booked in a previous quarter in 2008.

About Flowserve Corp.

Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

FLOWSERVE SAFE HARBOR STATEMENT: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may,” "should,” "expects,” "could,” "intends,” "plans,” "anticipates,” "estimates,” "believes,” "predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products requiring sophisticated program management skills and technical expertise for completion; the substantial dependence of our sales on the success of the petroleum, chemical, power and water industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions or trade embargoes that could affect customer markets, particularly Middle Eastern markets and global petroleum producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; our furnishing of products and services to nuclear power plant facilities; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; risks associated with certain of our foreign subsidiaries conducting business operations and sales in certain countries that have been identified by the U.S. State Department as state sponsors of terrorism; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits, and tax liabilities that could result from audits of our tax returns by regulatory authorities in various tax jurisdictions; the potential adverse impact of an impairment in the carrying value of goodwill or other intangibles; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.