Flowserve Wins Major Pump Contract for Hongyanhe and Ningde Nuclear Power Plants in China

Flowserve Corporation, a leading global provider of fluid motion and control products and services (NYSE: FLS), has been selected to provide the China Nuclear Power Engineer Co., Ltd. with concrete volute pumps for the first phases of both the Hongyanhe and Ningde Nuclear Power Plant projects. The order is estimated to be between $25 and $30 million (USD). The company has been processing the order and expects the bookings to be reflected this quarter. Hongyanhe is the first nuclear power project to be built in northeast China and is located in Dalian City, Liaoning Province. A total of six generating units are planned for the site, which will be constructed in several phases. The first phase, which will include two generating units, is scheduled to be completed in 2011. The Ningde nuclear power project is located in Qinyu Town, Ningde City, Fujian Province. This plant will have six units that will be constructed in three phases. The first phase of the project will include two units and has an estimated completion date of 2012. "This contract is a result of Flowserve’s focus on the nuclear power market in China,” said Flowserve Pump Division President Tom Ferguson. "Our Flowserve Changsha joint venture worked closely with our partner Changsha Pump Works on the plan for local manufacturing, which positions us well in this growth market as China adds nuclear power generating capacity over the next two decades.” China plans to significantly increase the country’s installed nuclear power to approximately four percent of the country’s total installed capacity by 2020. To reach this goal, China must build about 32 nuclear power units, of the size of the planned Hogyanhe and Ningde projects in the next 15 years, according to the Chinese National Development and Reform Commission. The Hongyanhe Nuclear Power Plant project is a joint venture among China Guangdong Nuclear Power Holding Co., Ltd. (CGNPC), China Power Investment Corporation (CPIC) and Liaoning Construction Investment Group. The Ningde Nuclear project is a joint venture of Guangdong Nuclear Power Investment Co., Ltd. and Datang International Power Generation Co., Ltd. CGNPC will be responsible for the project construction and the operation of the first five years after commercial operation with participation from CPIC. 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. About China Guangdong Nuclear Power Holding Co., Ltd. China Nuclear Power Holding Co., Ltd. was established in September 1994 with a registered capital of RMB 10.2 billion. Nuclear power is the core business. China Guangdong Nuclear Power Group (CGNPG) is the parent company of CGNPC, with total assets of RMB 60.2 billion and net assets valued at RMB 26.3 billion, as of Feb. 28, 2007. SAFE HARBOR STATEMENT: This news release includes forward-looking statements. Forward-looking statements are all statements that are not statements of historical facts and include, without limitation, 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 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 to identify forward-looking statements. 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