Flowserve Holds 2005 and 2006 Annual Shareholder Meetings

Shareholders elected all nominated directors and approvedamendments to certain stock option and incentive plans.

As previously announced, Flowserve expects to be current with allof its financial reporting obligations with the SEC by Sept. 30, 2006.

Flowserve Corp. is one of the world's leading providers of fluidmotion and control products and services. Operating in 56 countries,the company produces engineered and industrial pumps, seals and valvesas well as a range of related flow management services.

SAFE HARBOR STATEMENT: This news release includes forward-lookingstatements. Forward-looking statements are all statements that are notstatements of historical facts and include, without limitation,statements relating to our business strategy and statements ofexpectations, beliefs, future plans and strategies and anticipateddevelopments concerning our industry, business, operations andfinancial performance and condition. The words "believe," "seek,""anticipate," "plan," "estimate," "expect," "intend," "project,""forecast," "predict," "potential," "continue," "will," "may,""could," "should," and other words of similar meaning are intended toidentify forward-looking statements. The forward-looking statementsmade in this news release are made pursuant to safe harbor provisionsof the Private Securities Litigation Reform Act of 1995. Theseforward-looking statements involve known and unknown risks,uncertainties and other factors that, in some cases, are beyond ourcontrol. These risks, uncertainties and factors may cause our actualresults, performance and achievements, or industry results and markettrends, to be materially different from any future results,performance, achievements or trends expressed or implied by suchforward-looking statements. Important risks, uncertainties and otherfactors that could cause actual results to differ from theseforward-looking statements include, but are not limited to, thefollowing: delays in future reports of the Company's management andoutside auditors on the Company's internal control over financialreporting and related certifications; continuing delays in theCompany's filing of its periodic public reports and any SEC, NYSE ordebt rating agencies' actions resulting therefrom; the possibility ofadverse consequences of the pending securities litigation; thepossibility of adverse consequences related to the investigations bythe SEC and foreign authorities regarding our participation in theUnited States Oil-for-Food program; the possibility of adverseconsequences of governmental tax audits of the Company's tax returns,including the upcoming IRS audit of the company's U.S. tax returns forthe years 2002 through 2004; the Company's ability to convertbookings, which are not subject to nor computed in accordance withgenerally accepted accounting principles, into revenues at acceptable,if any, profit margins, since such profit margins cannot be assurednor be necessarily assumed to follow historical trends; changes in thefinancial markets and the availability of capital; changes in thealready competitive environment for the Company's products orcompetitors' responses to the Company's strategies; the Company'sability to integrate acquisitions into its management and operations;political risks, military actions or trade embargoes affectingcustomer markets, including the continuing conflict in Iraq,uncertainties in certain Middle Eastern countries such as Iran, andtheir potential impact on Middle Eastern markets and global petroleumproducers; the Company's ability to comply with the laws andregulations affecting its international operations, including the U.S.export laws, and the effect of any noncompliance; the health of thepetroleum, chemical, power and water industries; economic conditionsand the extent of economic growth in the U.S. and other countries andregions; unanticipated difficulties or costs associated with theimplementation of systems, including software; the Company's relativegeographical profitability and its impact on the Company's utilizationof foreign tax credits; the recognition of significant expensesassociated with realigning operations of acquired companies with thoseof Flowserve; the Company's ability to meet the financial covenantsand other requirements in its debt agreements; any terrorist attacksand the response of the U.S. to such attacks or to the threat of suchattacks; technological developments in the Company's products ascompared with those of its competitors; changes in prevailing interestrates and the Company's effective interest costs; and adverse changesin the regulatory climate and other legal obligations imposed on theCompany. It is not possible to foresee or identify all the factorsthat may affect our future performance or any forward-lookinginformation, and new risk factors can emerge from time to time. Giventhese risks and uncertainties, you should not place undue reliance onforward-looking statements as a prediction of actual results. Allforward-looking statements included in this news release are based oninformation available to us on the date of this news release. Weundertake no obligation to revise or update any forward-lookingstatement or disclose any facts, events or circumstances that occurafter the date hereof that may affect the accuracy of anyforward-looking statement.