FLOWSERVE CORPORATION 
By
When Complete, Plant Projected to Be Largest Desalination Plant in the Western Hemisphere
DALLAS, December 18, 2013 - Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced it has received a multi-million dollar order from Doosan Heavy Industries & Construction to supply the pumps and energy recovery system (ERS) for the seawater reverse osmosis (SWRO) desalination plant located near Antofagasta, Chile. This order was booked in the third quarter of 2013.
Minera Escondida is developing the SWRO plant, rated for 216,000 cubic meters/day (57 million gallons/day), to supply fresh water to the copper mine located 3,100 m (10,171 ft) above sea level and 170 km (105 miles) southeast of Antofagasta in the Atacama Desert, one of the driest areas in the world. With an expected completion date during 2017, this SWRO plant, which is an expansion of the existing 40,000 cubic meters/day (10.6 million gallons/day) plant, is projected to become the largest desalination plant in the Western Hemisphere, and the largest desalination plant ordered in 2013.
Doosan purchased all the pumps for the plant, 48 in total, along with 27 Dual Work Exchange Energy Recovery (DWEER(TM)) devices from Flowserve. The Flowserve DWEER offers one of the highest efficiencies of all energy recovery systems on the market today, since it minimizes leakage and mixing of the brine. By incorporating this ERS, the plant's overall energy consumption is reduced substantially.
"We are pleased Doosan continues to work with Flowserve on projects of this importance and magnitude," said Jim Quain, president, Flowserve Sales Organization. "As a global leader in the growing desalination industry, Flowserve products provide industry-leading efficiency and reliability, both key factors when Doosan selected Flowserve for this important project."
Flowserve Contacts
Investor Contacts:
Jay Roueche, vice president, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, director, Investor Relations, (972) 443-6636
Media Contact:
Lars Rosene, vice president, Global Communications and Public Affairs, (972) 443-6644
About Doosan Heavy Industries & Construction: Doosan Heavy Industries & Construction is a leading EPC (Engineering, Procurement, and Construction) contractor offering a wide range of services including power plant and desalination facilities, cast products, nuclear reactors, turbines, etc. Its main business areas include power plant, water, casting, construction / transport facilities and green energy.
About Flowserve: Flowserve Corp. is one of the world's leading providers of fluid motion and control products and services. Operating in more than 50 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 the global financial markets and the availability of capital 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 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; 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; 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 foreign subsidiaries autonomously conducting limited business operations and sales in certain countries identified by the U.S. State Department as state sponsors of terrorism; 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.
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