Flowserve Corporation

Flowserve Corporation

Flowserve Receives Multi-million Dollar Order for Pumps and Energy Recovery Devices for Desalination Plant

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Source: Flowserve Corporation

DALLAS, April 4, 2013 - Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced it has received a multi-million dollar order from M.N. Larnaca Desalination to provide a complete pump package and energy recovery devices (ERDs) to be used at Larnaca, a 60,000 cubic meters/day (15.9 million gallons/day) seawater reverse osmosis (SWRO) desalination plant located in the Republic of Cyprus. M.N. Larnaca Desalination - a joint venture of Mekorot Development & Enterprise Ltd. of Israel and Netcom Limited of Cyprus - will design and rebuild the existing SWRO desalination plant and then operate the upgraded facility for the next 25 years.

Booked in the first quarter of 2013, the Larnaca project will utilize Flowserve Calder Dual Work Exchange Energy Recovery (DWEERTM) units together with Flowserve DMX pumps in the high pressure feed service. Through its Calder(TM) brand of products and technologies, Flowserve specializes in the design, engineering, and supply of energy recovery equipment and related proprietary technologies for the reverse osmosis process used in desalination plants around the world. The DWEER units are isobaric machines which can recover as much as 97 percent of the hydraulic energy remaining in the brine stream, helping to significantly lower the customer's cost to operate the facility. Flowserve ERDs and pump product line specifically designed for the desalination market enabled the company to work closely with M.N. Larnaca from the outset of the project to identify and configure the most suitable, efficient, and economical equipment for this plant.

'As a leader in the growing desalination industry, we are extremely pleased that M.N. Larnaca Desalination has entrusted Flowserve with this important project,' said Jim Quain, president, Flowserve Engineered Product Operations. 'Flowserve's proven track record for efficiency and reliability of our high-pressure pumps and Calder DWEERs, along with a low overall cost of ownership and an experienced global project management team, were major considerations in being awarded this order.'

For more information on Calder products, please visit www.flowserve.com/Products/Energy-Recovery-Devices.

About Flowserve: 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 website at www.flowserve.com.

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,' 'forecasts,' '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; changes in the global financial markets and the availability of capital and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers' ability to make required capital investment and maintenance expenditures; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; our ability to execute and realize the expected financial benefits from our strategic realignment initiatives; 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 oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela; 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; expectations regarding acquisitions and the integration of acquired businesses; our foreign subsidiaries autonomously conducting limited business operations and sales in certain countries 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; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; 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.

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Source: Flowserve Corporation via Thomson Reuters ONE
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