Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Guiltinan Richard J JR
   2. Issuer Name and Ticker or Trading Symbol
FLOWSERVE CORP [FLS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
VP,Controller,Chief Acct Ofcr
(Last)
(First)
(Middle)
5215 N. O'CONNOR BLVD., SUITE 2300		 3. Date of Earliest Transaction (Month/Day/Year)
11/17/2006
(Street)

IRVING, TX 75039		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock ($1.25 par value per share) 11/17/2006   M   2,867 A $ 22.9 23,684 D  
Common Stock ($1.25 par value per share) 11/17/2006   M   1,500 A $ 24.9 25,184 D  
Common Stock ($1.25 par value per share) 11/17/2006   M   963 A $ 30.95 26,147 D  
Common Stock ($1.25 par value per share) 11/17/2006   F   2,437 D $ 54.5 23,710 D  
Common Stock ($1.25 par value per share)               95.17 I 401(k)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right-to-buy) $ 22.9 11/16/2006   M     2,867   (1) 07/15/2014 Common Stock 2,867 $ 0 1,433 D  
Stock Option (right-to-buy) $ 24.9 11/16/2006   M     1,500   (2) 02/16/2015 Common Stock 1,500 $ 0 3,000 D  
Stock Option (right-to-buy) $ 30.95 11/17/2006   M     963   (3) 07/13/2015 Common Stock 963 $ 0 8,537 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Guiltinan Richard J JR
5215 N. O'CONNOR BLVD., SUITE 2300
IRVING, TX 75039		       VP,Controller,Chief Acct Ofcr  

Signatures

 /s/ Tara D. Mackey, attorney in fact   11/17/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) 2,867 options are fully vested and exercisable and the remaining 1,433 options vest on July 15, 2007.
(2) 1,500 option shares are vested and exercisable and the remaining 3,000 option shares vest and become exercisable in two equal annual installments on February 16, 2007 and February 16, 2008.
(3) Reporting person was granted 9,500 options, 5,550 of which are non-qualified stock options and 3,950 of which are incentive stock options. Non-qualified stock options vest as follows: 2,204 on 7/14/2006; 2,203 on 7/14/2007 and 1,143 on 7/14/2008. Incentive stock options vest as follows: 963 on 7/14/2006; 963 on 7/14/2007 and 2,024 on 7/14/2008.

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