Yes, SHIPWORM is a Scrabble word!

Letter values in Scrabble US: S 1, H 4, I 1, P 3, W 4, O 1, R 1, M 3.

Is it a valid word?

SHIPWORM is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

wormlike marine bivalve that bores into wooden piers and ships by means of drill-like shells

Not playable in Scrabble US: TEREDINID.