FLOWSERVE CORP — Director's Dealing 2007

May 21, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FLOWSERVE CORP (FLS)
CIK: 0000030625
Period of Report: 2007-05-17

Reporting Person: RAMPACEK CHARLES M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-17	Common Stock ($1.25 par value per share)	A	1483	$0.00	Acquired	30545	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock ($1.25 par value per share)	1200	Indirect
Common Stock ($1.25 par value per share)	7800	Direct

Footnotes

F1: Shares represent restricted common stock granted to the reporting person as part of his annual director compensation under the Flowserve Corporation 2004 Stock Compensation Plan. The shares vest on May 17, 2008.

F2: The Reporting Person disclaims beneficial ownership of Common Stock held by his wife, except to the extent of his pecuniary interest.