AWCo and Squale Launch the Milbino: A Third NOS-Cased Diver with a Functional Moisture Indicator

AWCo and Squale Return with a Third NOS-Cased Diver

In 2020, Squale and Amsterdam Watch Company (AWCo) surprised the watch community with two limited-edition divers built around NOS (New Old Stock) cases from the 1950s. Those cases were originally manufactured by Von Büren SA, the predecessor to Squale, for Blancpain's iconic Fifty Fathoms series. Each edition was capped at 60 pieces, priced around ,000, and sold out within hours—leaving many enthusiasts, including us, regretting a moment of hesitation. But AWCo had hinted that more cases existed: 180 in total, with 120 used for the first two editions. That left 60 for a potential third release.

Now, that day has arrived. AWCo and Squale have unveiled the Milbino, a logical but no less thrilling addition to the series. Inspired by military-spec Fifty Fathoms watches, the Milbino retains the vintage case charm while introducing a functional feature that will delight collectors.

A Functional Moisture Indicator: A Nod to Military Heritage

The most striking element of the Milbino is the moisture indicator positioned at 6 o'clock on the dial. Developed in the 1950s as a safety device for military divers, this indicator would change color if moisture breached the case, alerting the wearer to potential water ingress. While vintage watches with such indicators now command significant premiums, Squale has recreated this feature not just cosmetically but functionally.

The matte black dial is adorned with light khaki lume markers outlined in white, evoking a subtle fauxtina/tritium appearance. A triangle at 12 o'clock nods to Tornek designs, while the overall layout draws from the Fifty Fathoms aesthetic. The outer minutes/seconds track is crisp white, and the dial features the 'Von' Squale logo with 'Milbino' printed beneath it.

In a notable—and possibly contentious—move, 'Amsterdam Watch Company' is printed in small letters along the upper arc of the moisture indicator. Neither of the previous collaborations featured AWCo branding, making this a distinctive addition that some may appreciate and others may question.

Case Provenance: The Real Story

The NOS cases are not the typical 41mm Fifty Fathoms style. Instead, they were originally used for the 'MC4' Bathyscaphe models, measuring a compact 34.8mm in diameter, 41mm lug-to-lug, and 12mm thick. These cases were designed for hand-wound movements and would have been fitted with civilian dials. As a result, the Milbino is a sort of fantastical reinterpretation of a mil-spec Fifty Fathoms—a blend of historical case architecture and contemporary design.

Inside the caseback, collectors will find the 'Rayville SA' mark, a testament to the case's authenticity and provenance. This is a rare opportunity to own a piece of watch history, as NOS cases from this era are virtually impossible to source today.

Modern Movement for Modern Reliability

Rather than using the original hand-wound AS 1187 movement, Squale and AWCo have opted for the modern ETA 2671 automatic caliber. While some purists might question this choice, it makes practical sense: the ETA 2671 offers reliable timekeeping, easy servicing, and robustness that a vintage movement cannot guarantee. This bridges the gap between the MC4's historical context and the Fifty Fathoms-inspired design, ensuring the Milbino is a daily-wearable piece rather than a fragile museum artifact.

Buying Tips and Availability

The Milbino is limited to 60 numbered pieces, priced at €3,890 (approximately ,500 USD before tariffs). This is a significant increase over the 2020 models, but it remains far more accessible than a vintage Fifty Fathoms, which can easily fetch five figures. Sales open on September 1st, 2026, at 12:00 CEST, and given the history of this collaboration, we expect them to sell out quickly.

Authenticity Note: Ensure you purchase from authorized dealers to guarantee the NOS case provenance and the 'Rayville SA' caseback marking.
Size Consideration: At 34.8mm, this watch wears smaller than modern divers—ideal for those who appreciate vintage proportions or have smaller wrists.
Moisture Indicator Function: The indicator is functional, so avoid exposing it to moisture unless you're prepared for the color change—it's a cool feature but not meant for actual diving.

Final Thoughts

The AWCo x Squale Milbino is a compelling blend of vintage soul and modern engineering. It offers a rare chance to own a piece of horological history, wrapped in a design that pays homage to military divers. While the price has risen, the exclusivity and provenance justify the premium for serious collectors. Mark your calendars—this one will be gone in a flash.