Business Wire

Flowserve to Provide Equipment for European Open-Source Carbon Capture and Storage Initiative

Share

Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced it has been awarded a contract to provide control valves for a portion of Norway’s first cross-border and open-source carbon capture and storage facility. With an estimated 2024 completion, this facility will be the first of its kind and will help further enable the acceleration of decarbonization in Europe.

Flowserve will provide its Flowtop and Mark One control valves for the facility’s onshore site in the Bergen region, which will facilitate carbon capture before it is ultimately transported to an offshore terminal and stored permanently below the seabed. Once completed, the facility will have the ability to potentially store an estimated equivalent of 1,000 years of Norwegian emissions.

Globally, there is a growing need to limit – or even reduce – the world’s carbon emissions. “We recognize that governments and corporations around the world are increasingly focused on efforts to minimize climate change and are making investments to reduce their greenhouse gas emissions. Flowserve is uniquely positioned to capitalize on the flow control aspect of decarbonization, where today, our products and services can be utilized in many aspects of our customers’ carbon reduction efforts,” said Scott Rowe, Flowerve’s president and chief executive officer. “Our strategy to diversify, decarbonize, and digitize – or the 3D growth strategy – supports and aligns directly with Flowserve’s long-standing purpose statement, to provide extraordinary flow control solutions to make the world better for everyone. Our laser focus on, and dedicated resources for, the 3D strategy throughout the organization is intended to accelerate our growth, create a substantial installed base in this emerging marketplace and fulfill our purpose.”

As businesses aim to meet energy demands while also striving to reduce carbon emissions, Flowserve will continue to be a leading provider of products and services which support and enable our customers to meet their carbon reduction goals.

To learn more about Flowserve’s commitment to new and existing customers through the energy transition, visit https://www.flowserve.com/en/energy-transition/energy-transition-in-motion/.

About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon fourth-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Throughout our materials we refer to non-GAAP measures as “Adjusted.” Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636

Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

LG Chem Develops Advanced Plastic Product to Prevent Thermal Runaway in EV Batteries16.5.2022 07:00:00 CEST | Press release

LG Chem (KRX: 051910) today announced that it has developed a new plastic product for battery application that is capable of preventing the spread of flame in batteries, delivering the longest fire-resistance performance in the world. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220515005002/en/ LG Chem has developed an advanced plastic product which prevents thermal runaway in EV batteries. (Photo: Business Wire) LG Chem’s flame-retardant engineering plastic product is able to prevent the spread of flames, thanks to the company’s proprietary technology and manufacturing methods. The new advanced flame barrier product created by LG Chem is a highly functional engineering plastic product made from various composites including polyphenylene oxide (PPO) and polyamide (PA) resin. “We are proud to present this new product, a significant milestone for us after more than 10 years of dedicated research to deliver innovation for ou

Envoy Gateway Makes Using Envoy Proxy Easier for Developers and Reverses Fragmentation16.5.2022 06:01:00 CEST | Press release

Members of the steering group for Envoy Gateway (EG), including Envoy creator Matt Klein and representatives from Ambassador Labs, Fidelity Investments, Tetrate, and VMware, Inc., today announced their joint commitment to the project, which launched today at KubeCon + CloudNativeCon, Europe 2022, under the auspices of the Cloud Native Computing Foundation® (CNCF®). Envoy Gateway is a new effort within the Envoy proxy open source project to simplify Envoy use in cloud-native application development. Envoy Gateway will reduce existing, redundant efforts around Envoy and make it much easier for application developers to use Envoy as a basic API gateway “out of the box” and as a Kubernetes Ingress controller. Exposing a simplified set of APIs, and implementing the Kubernetes Gateway API, EG makes it easier to extend Envoy. Developers will now have a cost-free, unfettered way to provide external access to their work in progress. At the same time, Envoy Gateway will not replace API managemen

Boehringer Ingelheim’s latest investigational treatment slowed lung function decline in people living with idiopathic pulmonary fibrosis15.5.2022 18:41:00 CEST | Press release

Today, Boehringer Ingelheim announced Phase II data for BI 1015550, a novel investigational phosphodiesterase 4B (PDE4B) inhibitor, that was published in The New England Journal of Medicine (NEJM). The promising 12-week data that showed a reduction in the rate of lung function decline in patients with idiopathic pulmonary fibrosis (IPF) will also be presented at the American Thoracic Society (ATS) International Conference Breaking News session on May 16 in San Francisco.1 “These encouraging, early data showed that treatment with BI 1015550 slowed the rate of lung function decline in patients who were not on approved antifibrotics, as well as those who were taking existing antifibrotic therapy,” commented Luca Richeldi, Professor of Respiratory Medicine at the Università Cattolica del Sacro Cuore in Rome, Italy, and the Principal Investigator on the trial. The primary endpoint of the trial was the change from baseline in forced vital capacity (FVC) – meaning the maximum amount of air (m

REPLY: The Board of Directors Approves the Quarterly Report Dated 31 March 202213.5.2022 13:24:00 CEST | Press release

Today, the Board of Directors of Reply S.p.A. [EXM, STAR: REY] approved the results as at 31 March 2022. Since the beginning of the year, the Group has recorded a consolidated turnover amounting to €440.9 million, an increase of 25.1% compared to the corresponding data for 2021. All indicators are positive for the period. In the first quarter of 2022 the consolidated EBITDA was €70.9 million compared to €59.6 million in 2021, equal to 16.1% of the turnover. EBIT, from January to March, was €57.7 million (€47.9 million in 2021), and is equal to 13.1% of the turnover. The profit before tax, from January to March, was €59.4 million (€47.6 million in 2021), equal to 13.5% of the turnover. The net financial position of the Group on 31 March 2022 is also positive by 279.7 million. The net financial position on 31 December 2021 was positive for €193.2 million. The comparison with the figures recorded at the end of March 2020 is even sharper. Over the past 24 months, first-quarter turnover inc

Tecnotree Launches Total Digital Transformation Suite for Enterprises and Customers of MTN Ghana13.5.2022 12:00:00 CEST | Press release

Tecnotree, a Finnish-based global provider of digital transformation solutions for Communication Service Providers (CSPs) and Digital Service Providers (DSPs), announced the launch of its digital transformation stack, for enterprise and consumer businesses with MTN Ghana, one of the leading telecommunications service providers in Ghana with over 25.3 million subscribers. This transformation for B2B and B2C empowers the operator with rapid response capabilities, allowing it to meet its enterprise market demand and deliver augmented customer experiences at a reduced cost. Tecnotree’s Digital Transformation Suite 5 product stack is completely TM Forum compliant and deploys a micro-services-based architecture with built-in features for price approvals and overriding, on-boarding and monitoring of cash flow orders via the Customer 360 view, enabling self-care features for consumers and enterprises to manage their accounts, monitor onboarding, raise tickets and service requests. In addition,

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom