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Flowserve Awarded Significant Contract to Supply Pumping Equipment for Hengli Integrated Refining Complex

Approximately 200 pumps to be supplied for massive refinery in China

DALLAS--(BUSINESS WIRE)--Feb. 16, 2017-- Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for global infrastructure markets, today announced an order close to $80 million to provide pumps and ebulators for the Hengli Integrated Refining Complex Project, a 400,000 barrel-per-day final conversion refinery on Changxing Island in Dalian, Liaoning Province in China.

The order includes nearly 200 pumps, which will be used in an integrated refining and petrochemical project for the Hengli Petrochemical Complex.Flowserve will work in coordination with SINOPEC Luoyang Petrochemical Engineering Corporation (LPEC).

“A project of this size requires an ongoing supply of reliable, high-quality equipment to enable full and successful operation,” said Kim Jackson, President, Flowserve Engineered Product Operations. “Our team is committed to meeting demands on this scale, and our geographic accessibility and extensive experience with orders of this magnitude make us well equipped to do so.”

The Flowserve products will be sourced primarily from its facilities in Vernon, USA; Desio, Italy; and Suzhou, China, with phased deliveries beginning in early 2018 to support the project as it moves forward. In addition to the original equipment award, additional aftermarket awards will exist from this order.

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 Web site 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 global economic conditions 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 manufacturing optimization and 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; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; 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 and other critical processes; 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 ability to anticipate and manage cybersecurity risk, including the risk of potential business disruptions or financial losses; 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.

Source: Flowserve Corporation

Flowserve Corporation
Investor Contacts:
Jay Roueche, 972-443-6560
   Vice President, Investor Relations & Treasurer
Mike Mullin, 972-443-6636
   Director, Investor Relations

Media Contacts:
Lars Rosene, 972-443-6644
   V
ice President, Global Communications and Public Affairs
Amy Allen, 972-443-6501
   Manager, Global Communications and Public Affairs

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