In 2020, Squale teamed up with Amsterdam Watch Company for a truly memorable collaboration: two “Fifty Fathoms” divers using NOS cases from the 1950s, originally manufactured by Squale for Blancpain (technically, this was pre-Squale, which was established in 1959, so the cases would have been made under Von Büren SA). It’s a unique type of watch that only pops up once every few years, if that. NOS cases make them part vintage, part modern. That’s always intriguing, but even more so when the cases come from watches that are so coveted, rare, and, frankly, expensive. Priced at around $2k at the time and limited to 60 pieces each, they sold out the same day, leaving many collectors, such as yours truly, wishing they had pulled the trigger a little faster.
In 2020, however, AWCo teased that more would be coming, noting that Squale had access to 180 NOS cases in total, not just the 120 used for those first two editions. That left 60 more for a third. Well, that day has come with the launch of the AWCo x Squale Milbino. A logical but no less exciting addition to the series, the Milbino takes inspiration from mil-spec Fifty Fathoms watches.
The telltale feature, which is hard to miss, is the moisture indicator on the dial. Created in the 1950s as a safety feature for military divers, it would change color if moisture breached the case seals, quickly letting the diver know that their watch had been compromised. A cool, practical detail that has since become collector catnip, vintage watches with these indicators typically command a premium over their counterparts.
For the Milbino, Squale recreated this dial not just in looks, but in functionality too. The matte black dial features light khaki lume markers with white borders for a subtle fauxtina/tritium look. The marker layout features a triangle at 12, which looks a little more Tornek than Fifty Fathoms, the latter often using a diamond shape. A white minutes/seconds index borders the dial, and at 12 is the “Von” Squale logo with “Milbino” printed underneath.
Of course, the standout feature is the large split circle at six, which is the functional moisture indicator. In an interesting, and potentially controversial, move, “Amsterdam Watch Company” is printed in small letters along the circumference of the top half of the indicator. Neither of the previous versions featured AWCo branding.
The NOS cases, which include the acrylic bezels, are not the typical 41mm Fifty Fathoms style. Rather, they were used for “MC4” Bathyscape models. Measuring just 34.8mm x 41mm x 12mm and originally housing hand-wound movements, these would have been civilian models with different dial designs. As such, the Squale x AWCo is sort of a fantastical version of a mil-spec Fifty Fathoms. With that said, the case provenance is the real story here, and on the inside of the caseback, one will find the “Rayville SA” mark.
For the collaboration, rather than using a hand-wound movement like the original AS 1187, Squale and AWCo have opted for modern ETA 2671 automatic movements. It’s a somewhat strange choice. I suppose it helps bridge the gap between the MC4 model and the Fifty Fathoms designs they emulate. Regardless, using a modern movement offers clear reliability and servicing benefits.
Small, stylish, and a unique opportunity to own a rare piece of watch history, the Milbino is a very tempting collaboration. The AWCo x Squale Milbino is priced at €3,890, or about $4,500 USD before tariffs. That’s a substantial increase over the 2020 models, though still far less than a vintage Fifty Fathoms. Limited to 60 numbered pieces, they go on sale September 1st, 2026 at 12:00 CEST. I imagine these will also sell out quite quickly. AWCo
