A system including a gripping tool and a rotary cutting tool may be used to grip a section of casing while cutting through a lower portion of the casing in a single trip. The gripping tool includes a mandrel with a flow bore extending therethrough, a slip actuator received on the mandrel, at least one slip corresponding to the slip actuator, a housing disposed around at least a proximal end of the mandrel, and a collet assembly disposed proximate the at least one slip. The rotary cutting tool is coupled to the mandrel. The gripping tool also includes a bearing assembly that enables the mandrel and the rotary cutting tool to rotate while the at least one slip is remains stationary engaging an interior wall of a casing. The system may include a hydraulic power section to help with setting the slips and removing the cut casing from the wellbore.
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