FLOWSERVE CORP — Director's Dealing 2007

Dec 4, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2007-11-29

Reporting Person: Guiltinan Richard J JR (VP,Controller,Chief Acct Ofcr)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-11-29	Common Stock ($1.25 par value per share)	M	1667	$27.97	Acquired	27251	Direct
2007-11-29	Common Stock ($1.25 par value per share)	S	1667	$93.45	Disposed	25584	Direct
2007-11-29	Common Stock ($1.25 par value per share)	M	2204	$30.95	Acquired	27788	Direct
2007-11-29	Common Stock ($1.25 par value per share)	S	2204	$93.45	Disposed	25584	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-11-29	Stock Option (right-to-buy)	$27.97	M	1667	Disposed	2015-04-20	Common Stock (1667)	Direct
2007-11-29	Stock Option (right-to-buy)	$30.95	M	2204	Disposed	2015-07-13	Common Stock (2204)	Direct

Footnotes

F1: 3,333 option shares are vested and exercisable and the remaining 1,667 option shares vest on April 20, 2008.

F2: 6,333 option shares are vested and exercisable and the remaining 3,167 option shares vest on July 14, 2008.