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October 19, 2010

Flowserve licenses thruster technology to Russian shipyard

Dallas-headquartered Flowserve Corp. (NYSE:FLS) has signing of a 10-year licensing agreement with Zvezdochka Ship Repair Center in Russia to provide the proprietary know-how for the purchasing and production of thrusters for ship propulsion systems.

Flowserve, which manufactures pumps, valves and other flow control equipment, says it "maintains marine thruster technology which has most recently been used to design and manufacture thrusters which help position offshore oil production platforms." This is a reference to the Pleuger Type WFSD Azimuthing Thruster that Flowmaster currently sells the offshore industry.

The license agreement provides that the technology transfer will be implemented in two phases. In the first phase, Flowserve will deliver thruster components and provide engineering support under the license. Zvezdochka's involvement will include the production of selected thruster components, as well as the assembly, installation and commissioning of the finished products. During the second phase of the agreement, Zvezdochka will produce the majority of components while Flowserve will continue to provide specified components and technology support.

"This agreement with Zvezdochka reflects the enthusiasm we feel towards the growing Russian market and the Flowserve commitment to participating in that growth," said Tom Ferguson, president, Flowserve Flow Solutions Group. "A substantial number of vessels serviced in the Zvezdochka Baltic Sea shipyard are expected to be equipped with thrusters using Flowserve technology. The thrusters are designed to improve efficiency, maneuverability and operating costs. We are excited to be part of this important initiative."

According to Zvezdochka's research, the annual potential for new thruster sales in the Russian and adjacent country ship-building markets covered by this agreement could reach between 8-10 billion rubles ($270 to $335 million at current exchange rates) over the next 10 years, in addition to aftermarket service opportunities.


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