FLOWSERVE CORP — Director's Dealing 2007

May 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2007-05-23

Reporting Person: BEALL ANDREW J (SVP & Pres Flow Solutions Div)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-22	Common Stock ($1.25 par value per share)	M	4000	$30.00	Acquired	37117	Direct
2007-05-22	Common Stock ($1.25 par value per share)	F	1770	$67.81	Disposed	35347	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-22	Stock Option (right-to-buy)	$30.00	M	4000	Disposed	2007-10-23	Common Stock (4000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock ($1.25 par value per share)	10837	Indirect

Footnotes

F1: The option shares are fully vested and exercisable.