[Form 4/A] Sable Offshore Corp. Amended Insider Trading Activity

Rhea-AI Filing Summary

Sable Offshore Corp. (SOC) — amended insider report: Pilgrim Global Advisors LLC and Pilgrim Global ICAV filed a Form 4/A stating that a previously reported April 17, 2025 disposition should not have been filed. The activity was actually an in-kind, pro rata distribution of Sable common shares to certain controlling shareholders on March 30, 2025, which did not change pecuniary interest. The Pilgrim entities state they are not beneficial owners under Rule 16a-1(a)(1)(v) and (x) due to delegated authority and that any shares are held for third-party investors. They indicate they are not subject to Section 16(a) reporting or 16(b) matching and that the prior filing should be deemed revoked.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Pilgrim Global ICAV

(Last) (First) (Middle)

33 SIR JOHN ROGERSON'S QUAY

(Street)

DUBLIN L2 D2

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Sable Offshore Corp. [ SOC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
04/17/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Pilgrim Global ICAV

(Last) (First) (Middle)

33 SIR JOHN ROGERSON'S QUAY

(Street)

DUBLIN L2 D2

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Pilgrim Global Advisors LLC

(Last) (First) (Middle)

4785 CAUGHLIN PARKWAY

(Street)

RENO NV 89519

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

Remarks:

On April 21, 2025, Pilgrim Global Advisors LLC (the "Adviser") and Pilgrim Global ICAV (the "Fund" and, together with the Adviser, the "Pilgrim Entities") filed a Form 4 that should not have been filed and which reported a transaction that did not, in fact, occur. The Form 4 reported a disposition of securities on April 17, 2025 that was actually an in-kind distribution of Common Shares (the "Shares") of Sable Offshore Corp. ("Sable") on a pro rata basis to certain controlling shareholders of the Adviser on March 30, 2025. Such distribution did not result in a change in pecuniary interest. As further described in the amended Form 3 filed by the Pilgrim Entities on November 6, 2025, (i) the Adviser does not have beneficial ownership of any Shares pursuant to Rule 16a-1(a)(1)(v) and (ii) the Fund has delegated all investment and voting authority and furthermore does not have beneficial ownership of Shares pursuant to Rule 16a-1(a)(1)(x). The Adviser and the Fund did not acquire any Shares with the purpose or effect of changing or influencing control of Sable or engaging in any arrangement subject to Rule 13d-3(b). Any Shares held by the Pilgrim Entities are held for the benefit of third-party investors. Therefore, neither of the Pilgrim Entities are the beneficial owners of any Shares for purposes of Section 16, and neither of them are subject to the reporting requirements of Section 16(a) or the matching provisions of Section 16(b). As a result, the Pilgrim Entities were not obligated to file this Form 4 pursuant to Section 16(a) and the transaction reported herein was not matchable pursuant to Rule 16(b). Such Form 4 should be deemed revoked.

	Pilgrim Global ICAV, By: /s/ Paul Fitzgerald, Executive Director	11/06/2025
	Pilgrim Global Advisors LLC, By: /s/ Procter J. Hug, IV, Manager	11/06/2025
	** Signature of Reporting Person	Date
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