Flowserve to Supply Coke-Cutting Pumping System to Indian Oil Corporation’s Gujarat Refinery in India

DALLAS--(BUSINESS WIRE)--Flowserve Corporation, a leading global provider of flow control products and services for the global infrastructure markets (NYSE: FLS), today announced it will supply Indian Oil Corporation’s Gujarat Refinery with a special coke-cutting pumping system for the heavy oil upgrading project.

Refinery coke-cutting processing units upgrade heavy, high-sulfur crude oil and process it into high-value transport fuels. The Flowserve hydraulic decoking system to be provided will utilize two jet pumps and features the patented Flowserve AutoShift™ cutting tool, which can be shifted remotely to maximize operator safety.

“In addition to our growing global business in the power, chemical and water markets, this order of specialty pumps is representative of the continued attractive growth opportunities we are seeing in the global oil and gas market,” said Flowserve Pump Division President, Tom Ferguson. “The refinery’s coke-cutting pumping system is an extremely important product for processing heavy crude oil and optimizing refining margins and, because of this, we have seen an increase in orders for these specialty pumps.”

The value of the contract is approximately $17 million (USD), which Flowserve recorded as a booking earlier this year. Located in Vadodara, Gujarat, India, the IOC Gujarat Refinery residue upgrading project has an expected commissioning date of January 2010.

“This order is exciting in that it demonstrates the growing utilization of our applied technology focused on solving critical applications for our customers as well as the success in our global expansion plans,” said Lewis Kling, Flowserve President and CEO. “Flowserve is dedicated to being a leading provider in the expansion of the global infrastructure market which includes power, water and chemical, as well as oil and gas.”

“With over two-thirds of our business and operations outside of the U.S., Flowserve’s global diversified platform provides excellent opportunities for the company to take advantage of the increasing investments in needed infrastructure throughout the world,” Kling added.

About Indian Oil Corp.

Indian Oil Corporation Ltd. is currently India's largest company by sales with a turnover US $59.22 billion and profit of US $1.67 billion for fiscal 2007. IndianOil is also the highest ranked Indian company in the Fortune 'Global 500' listing, having moved up 19 places to the 116th position in 2008. It is also the 18th largest petroleum company in the world.

The Gujarat Refinery at Vadodara in Gujarat in Western India is IndianOil’s largest refinery. The refinery was commissioned in 1965. Its facilities include five atmospheric crude distillation units. The major units include CRU, FCCU and the first Hydrocracking unit of the country.

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.

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