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

Rhea-AI Filing Summary

Pilgrim Global Advisors LLC and Pilgrim Global ICAV filed an amended Form 4 for Sable Offshore Corp. (SOC) correcting prior Section 16 reports. They state a previously reported July 18, 2025 disposition did not occur and was actually an in-kind distribution of Sable common shares to a controlling shareholder on June 30, 2025.

They further state they are not beneficial owners under Rule 16a-1(a)(1)(v) and (x) because the Adviser lacks beneficial ownership and the Fund delegated all investment and voting authority. As a result, they assert they are not subject to Section 16(a) reporting or Section 16(b) matching, and that prior Section 16 filings, including those on March 27, 2024; May 16, 2024; August 29, 2024; September 23, 2024; October 29, 2024; October 17, 2025; and the Form 3 filed on October 17, 2025, 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

OMB APPROVAL

OMB Number:			3235-0287
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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)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
07/22/2025

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 July 22, 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 July 18, 2025 that was actually an in-kind distribution of Common Shares (the "Shares") of Sable Offshore Corp. ("Sable") to a controlling shareholder of the Adviser on June 30, 2025. 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, the Form 4 filings on March 27, 2024, May 16, 2024, August 29, 2024, September 23, 2024, October 29, 2024 and October 17, 2025 or the Form 3 filed on October 17, 2025 pursuant to Section 16(a) and the transactions reported on each Form 4 were not matchable pursuant to Rule 16(b). Such filings 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
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Pilgrim Global correct in the SOC Form 4/A?

They stated a reported July 18, 2025 disposition did not occur and was actually an in-kind distribution on June 30, 2025.

How does Pilgrim characterize its beneficial ownership of SOC shares?

They state the Adviser is not a beneficial owner under Rule 16a-1(a)(1)(v) and the Fund is not a beneficial owner under Rule 16a-1(a)(1)(x).

What is the significance of the June 30, 2025 date?

It is the date of the in-kind distribution of Sable common shares to a controlling shareholder of the Adviser.

Which prior SOC Section 16 filings are affected?

They state filings on March 27, 2024; May 16, 2024; August 29, 2024; September 23, 2024; October 29, 2024; October 17, 2025; and the Form 3 on October 17, 2025 should be deemed revoked.

What do they claim about Section 16 obligations?

They assert they are not subject to Section 16(a) reporting or Section 16(b) matching for the referenced transactions.

Was there an amended Form 3 related to this matter?

Yes. They refer to an amended Form 3 filed on November 6, 2025 providing further details.