FLOWSERVE CORP — Director's Dealing 2004

May 13, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2004-05-03

Reporting Person: Pajonas Thomas L (VP, Pres of Flow Control Div)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Common Stock ($1.25 par value per share)	$0		Restricted Common Stock (6000)		Direct

Footnotes

F1: The shares of Restricted Common Stock shall be valued at the fair market value upon each vesting date. A conversion or exercise price is not applicable.

F2: One-third (1/3rd) of the shares of Restricted Common Stock vests on May 3, 2005; with the remaining thirds vesting on May 3, 2006 and May 3, 2007, respectively.

F3: Vesting of the shares of Restricted Common Stock is contingent upon continued employment with the Issuer. An expiration date is not applicable.