Flowserve Corporation, a leading global provider of fluid motion and
control products and services (NYSE: FLS), announced yesterday that it
had received orders for the Pearl Gas-to-Liquids (GTL) plant being
developed by Qatar Petroleum and Shell in Qatar.
Flowserve provided further details today, noting that orders for major
projects of this type are typically received over several quarters. The
company included a substantial majority of the orders for this project
in the bookings reported in its previous 2007 quarters. The company
expects the remaining orders for this project to be reflected in
bookings reported in the fourth quarter of 2007 and potentially into
2008. The company also added that it is unable to provide additional
details about the business terms for the project due to confidentiality
agreements with the applicable customers.
The company said that its overall bookings for the fourth quarter,
including those related to the Pearl GTL project, are expected to be
in-line with quarterly booking levels of the three previous quarters of
2007.
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.
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. The forward-looking statements made in this news release are
made pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements involve
known and unknown risks, uncertainties and other factors that, in some
cases, are beyond our control. These risks, uncertainties and factors
may cause our actual results, performance and achievements, or industry
results and market trends, to be materially different from any future
results, performance, achievements or trends expressed or implied by
such forward-looking statements. Important risks, uncertainties and
other factors that could cause actual results to differ from these
forward-looking statements include, but are not limited to, the
following: inherent limitations of the effectiveness of our internal
control over financial; potential adverse consequences resulting from
securities class action litigation and other litigation, including
asbestos-containing product claims; the possibility of adverse
consequences related to the domestic and foreign government regarding
our participation in the United Nations Oil-for-Food Program; the
possibility of adverse consequences of governmental tax audits of our
tax returns, including the ongoing IRS audit of our U.S. tax returns for
the years 2002 through 2004; our ability to convert bookings, which are
not subject to nor computed in accordance with generally accepted
accounting principles, into revenues at acceptable, if any, profit
margins, since such profit margins cannot be assured or assumed to
follow historical trends; changes in the financial markets and the
availability of capital; changes in the already competitive environment
for our products or competitors’ responses to
our strategies; our inability to continue to expand our market presence
through acquisitions, and unforeseen integration difficulties or costs
resulting from acquisitions; economic, political and other risks
associated with our international operations, including military actions
or trade embargoes that could affect customer markets, including the
continuing conflict in Iraq, uncertainties in certain Middle Eastern
countries such as Iran, and their potential impact on Middle Eastern
markets and global petroleum producers; our ability to comply with the
laws and regulations affecting our international operations, including
the U.S. export laws, and the effect of any noncompliance; the potential
adverse impact of a significant downturn in petroleum, chemical, power
and water industries; changes in economic conditions and the extent of
economic growth in the U.S. and other countries and regions;
unanticipated difficulties or costs associated with the implementation
of systems, including software; unanticipated higher costs associated
with environmental compliance and liabilities; our relative geographical
profitability and its impact on our utilization of foreign tax credits;
the potential impact of our indebtedness on cash flows and our ability
to meet the financial covenants and other requirements in our debt
agreements; any terrorist attacks; adverse changes in the regulatory
climate and other legal obligations imposed on us; and other factors
described from time to time in our filings with the SEC. It is not
possible to foresee or identify all the factors that may affect our
future performance or any forward-looking information, and new risk
factors can emerge from time to time. Given these risks and
uncertainties, you should not place undue reliance on forward-looking
statements as a prediction of actual results. All forward-looking
statements included in this news release are based on information
available to us on the date of this news release. We undertake no
obligation to revise or update any forward-looking statement or disclose
any facts, events or circumstances that occur after the date hereof that
may affect the accuracy of any forward-looking statement.
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