Flowserve and Subsea 7 Collaborate for Production Enhancement Capability

04.03.2004

Flowserve Corporation, a world leader in engineered pumping solutions, and global underwater contractor Subsea 7 have entered into a collaboration agreement with the aim of exploiting the emerging subsea multiphase pumping and processing market.

Flowserve and Subsea 7, its subcontractor, were recently awarded a contract by Total S.A. – acting as the lead on a Joint Industry Project (JIP) venture for phase two of the MPSP 1500 project – to perform a qualification program. It was concluded as part of the JIP phase one study that the successful completion of this program would confirm the suitability of the Subsea 7 / Flowserve Multiphase Pumping System Package for installations in water depths to 1500 metres.

Appreciating the potential of this emerging oil and gas market, Statoil and BP Exploration have also chosen to sponsor this JIP project.

John Smith, Subsea 7’s chief executive officer, commented “By combining Subsea 7’s underwater capabilities together with Flowserve’s proven experience in the area of multiphase pumping, we will offer clients access to a reliable, cost effective, turnkey solution for both future deepwater and existing oil field developments.”

For more information, contact:

Mike Moore +1 (519) 750 1922 (Flowserve Technical Contact)

Mike E. Conley +1(972) 443 6557 (Flowserve Investor Contact)

John Mair +44 1224 344622 (Subsea 7 Technical Contact)

About Subsea 7

Subsea 7 is one of the world’s leading subsea engineering contractors. The company has offshore operations supported out of the UK, Norway, Singapore, Brazil, United States, West Africa and the Caspian and employs 3000 worldwide. Subsea 7 has a fleet of remotely operated vehicles (ROV’s), four pipeline construction yards and 19 modern, high specification dynamically positioned ships capable of deepwater reeled and flexible pipelay, deepwater subsea construction and saturation diving. For more information please visit www.subsea7.com

About Flowserve

Flowserve is the world's premier provider of industrial flow management services. The Company produces engineered pumps, precision mechanical seals, automated and manual quarter-turn valves, control valves and actuators, and provides a range of related flow management services, primarily for the process industries. Flowserve has about 14,000 employees and operates in 56 countries through three divisions: the Pump Division, the Flow Control Division, and the Flow Solutions Divisions.

SAFE HARBOR STATEMENT: This news release contains various forward-looking statements and includes assumptions about Flowserve's future market conditions, operations and results. These statements are based on current expectations and are subject to significant risks and uncertainties. They are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Among the many factors that could cause actual results to differ materially from the forward-looking statements are: material adverse events in the national financial markets; changes in the already competitive environment for the company's products or competitors' responses to Flowserve's strategies; the company’s ability to integrate past and future acquisitions into its management operations; political risks, military actions or trade embargoes affecting customer markets, including continuing conflict in Iraq with its potential impact on Middle Eastern markets and global oil producers; the health of the company’s various customer industries, including the petroleum, chemical, power and water industries; economic turmoil in areas outside the United States; global economic growth; unanticipated difficulties or costs associated with new systems, including software; the company’s relative geographical profitability and its impact on the company’s utilization of foreign tax credits; and the recognition of significant expenses associated with adjustments to realign the company's facilities and other capabilities with its strategies and business conditions, including, without limitation, expenses incurred in restructuring the company’s operations and the cost of financing, including increases in interest costs, and litigation developments. Flowserve undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise.

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