HMAS Culgoa paid off into Reserve on 15 April 1954, having steamed 167,447 miles. She remained in Reserve until used as an accommodation ship for Sydney minesweeping base, HMAS Waterhen. On 15 February 1972 Culgoa was sold to NW Kennedy Ltd of Vancouver, Canada. In March 1972 she left Sydney under tow for Hong Kong en route to Taiwan for breaking up