Flowserve Corporation Receives Two Significant Middle East Project Awards

Source: www.gulfoilandgas.com 4/23/2024, Location: Middle East

Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today that it received two major project awards earlier this month, primarily for original equipment pumps, from engineering, procurement and construction (EPC) contractors working on two significant Middle East-based projects. The value of these awards, collectively over $150 million, will be reflected in Flowserve’s second quarter 2024 bookings.

“Flowserve has a long track record of successfully delivering large projects for our customers. With an enhanced selective bidding approach, we are confident in our ability to execute these awards and are pleased these projects were booked using this methodology. Our global project funnel continues to be robust and is up approximately 10% as of March 31, 2024, versus prior year,” said Scott Rowe, Flowserve’s President and Chief Executive Officer. “Flowserve is well-positioned for, and has historically participated in, significant infrastructure opportunities within the Middle East.”

Rowe concluded, “The region is currently in the midst of an expected multi-year capital spending up-cycle. With our strong participation in the Middle East, we believe Flowserve is well-positioned to participate in several of the large projects still to come across diverse industries. Additionally, we expect both aftermarket and MRO opportunities to remain at elevated levels globally this year and beyond, based on enhanced activity and higher utilization rates. With the operating momentum we established last year, we remain confident in Flowserve’s future and believe that executing on our objectives will drive long-term value for our customers, associates, and shareholders.”


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