Flowserve Signs Long-Term Strategic Agreement with Oil and Gas Giant Saudi Aramco

Source: www.gulfoilandgas.com 11/24/2008, Location: Middle East

Flowserve Corporation, one of the world's leading providers of flow control products and services for the global infrastructure markets including oil and gas, power, chemical water and general industries, announced it has signed a 10-year strategic supplier agreement with Saudi Aramco, one of the world's largest oil producing companies.

The supply agreement includes Flowserve's entire range of flow control products (pumps, valves and seals) and value-added services for use in Saudi Aramco's existing and planned facilities.

Specifically, the new supply agreement will provide for the:

- Streamlining of the procurement process for all new Flowserve equipment, which will include pumps, valves, actuators and mechanical seals.
- Reduction in Flowserve lead times through access to guaranteed production capacity.
- Delivery by Flowserve of aftermarket services to support Saudi Aramco operations through the industry leading Flowserve "LifeCycle Advantage" program, which is designed to help deliver the lowest possible total cost of ownership through optimizing spare parts inventories, reducing life cycle costs, increasing equipment life, and maximizing reliability.
- Engagement in a joint product and technology development program.
- Addition of local training centers and educational services that will complement Saudi Aramco's training and Saudization programs.
- Expansion of Flowserve's locally provided value-added services and operations, supported by Flowserve's extensive global organization.

Flowserve cited its strong aftermarket capabilities, broad product portfolio, technology leadership, and long-standing partnership with Saudi Aramco as key reasons for the expanded relationship.

Flowserve recently invested in a new regional pump Quick Response Center (QRC) service, repair and manufacturing facility nearing completion in Saudi Arabia, through a joint venture between Flowserve and Al Rushaid Group. This QRC is located at the Al Rushaid Oil Field Center in Dhahran, and has been designed to feature the largest pump-testing capability in the Middle East, with a reservoir capable of testing pumps up to 5960 kW (8000 hp). This QRC will help support the Saudi Aramco supply chain for original equipment, parts and aftermarket services. It will also provide access to Flowserve technology and innovative solutions to help improve equipment reliability and ensure lower costs.

Flowserve has also supported Saudi Aramco's mechanical seal requirements through its QRC joint venture with S & A Abahsain Co. Ltd, located in Al Khobar, since 1989. The mechanical seal QRC has recently doubled its capacity, and is now being expanded to further optimize customer response. Part of Flowserve's local support will be through the establishment of a local world-class training center in the Dhahran QRC with both static and power laboratories and classrooms. The objective will be to promote technical and mechanical skills excellence, both internally and externally. This demonstrates Flowserve's continuously expanding support of Saudi Aramco's pumping needs dating back to 1939.

"Flowserve is honored to be selected by Saudi Aramco for this significant long-term strategic agreement," said Lewis Kling, Flowserve President and Chief Executive Officer. "This new agreement demonstrates our commitment to our customers in the areas of industry-leading products, broad end-user solutions, localized service and support, as well as the in-country resources and aftermarket services."

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