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 * KLING LEWIS M   2. Issuer Name and Ticker or Trading Symbol FLOWSERVE CORP [FLS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President and CEO (Last) (First) (Middle) 5215 N. O'CONNOR BLVD., SUITE 2300 3. Date of Earliest Transaction (Month/Day/Year) 03/03/2008 (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) 03/03/2008   M   23,249 (1) A $ 33.86 39,945 D   Common Stock ($1.25 par value per share) 03/03/2008   S   23,249 (2) D $ 110.01 16,696 D   Common Stock ($1.25 par value per share) 03/04/2008   M   23,250 (1) A $ 33.86 39,946 D   Common Stock ($1.25 par value per share) 03/04/2008   S   23,250 (2) D $ 107.13 16,696 D   Common Stock ($1.25 par value per share) 03/03/2008   S   21,395 D $ 110.09 76,126 I The Lewis Mark Kling Trust

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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)

$ 33.86

03/03/2008

M

23,249

(3)

07/28/2015

Common Stock

23,249

$ 33.86

46,499

I

The Lewis Mark Kling Trust

Stock Option (right-to-buy)

$ 33.86

03/04/2008

M

23,250

(3)

07/28/2015

Common Stock

23,250

$ 33.86

23,249

I

The Lewis Mark Kling Trust

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
KLING LEWIS M 5215 N. O'CONNOR BLVD., SUITE 2300 IRVING, TX 75039	X		President and CEO

Signatures

/s/ Tara D. Mackey, attorney in fact		03/04/2008
**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)	Shares were exercised pursuant to a 10b5-1 plan previously entered into by the reporting person.
(2)	Shares were disposed of pursuant to a 10b5-1 plan previously entered into by the reporting person.
(3)	46,499 option shares are fully vested and exercisable and the remaining 23,249 option shares will vest on July 28, 2008.

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