[Form 4] Sable Offshore Corp. Insider Trading Activity

Rhea-AI Filing Summary

Sable Offshore Corp. (SOC) reported insider activity on 10/15/2025 via a Form 4 filed by Pilgrim Global ICAV and Pilgrim Global Advisors LLC (form filed by more than one reporting person). The filing lists two common stock transactions: 563,886 shares at a weighted average price of $14.74 and 418,759 shares at a weighted average price of $15.44.

Price ranges disclosed were $14.18–$15.18 and $15.19–$15.82, respectively. Following the reported transactions, 10,933,394 shares were beneficially owned directly. The reporting persons note standard disclaimers regarding beneficial ownership.

Insights

Equity governance analyst

Large insider sales by a director/10% holder at defined price ranges; stake remains sizable.

Pilgrim Global ICAV, reported jointly with Pilgrim Global Advisors LLC, filed a Form 4 for 10/15/2025. Two open‑market transactions in the issuer’s common stock were reported: 563,886 shares at a weighted average price of $14.74 (range $14.18–$15.18) and 418,759 shares at a weighted average price of $15.44 (range $15.19–$15.82). The filing states these shares were sold in multiple trades within the disclosed ranges.

Column 5 shows beneficial ownership amounts following each reported transaction, and Column 6 lists ownership as Direct with a footnote clarifying the securities are owned by Pilgrim Global ICAV. The reporting persons disclaim beneficial ownership beyond their pecuniary interest. The form indicates more than one reporting person and identifies the filer as a Director and 10% Owner.

What it means: this is a sizable sale by a significant insider on 10/15/2025, with precise size and price ranges disclosed. Why it matters: sales by a director and >10% holder can signal portfolio actions and change the insider ownership profile. Items to watch: any subsequent Form 4s that clarify cumulative ownership levels, and whether additional sales occur after 10/17/2025 (the filing date) within similar price ranges.

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
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
10/15/2025

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

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
Common Stock, par value $0.0001 per share	10/15/2025		P		563,886	A	$14.74(2)	10,514,635	D(1)
Common Stock, par value $0.0001 per share	10/15/2025		P		418,759	A	$15.44(3)	10,933,394	D(1)

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:

1. The securities are owned directly by Pilgrim Global ICAV and may be deemed to be indirectly beneficially owned by (i) Pilgrim Global Advisors LLC, the investment manager to Pilgrim Global ICAV. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions within the range of $14.18 to $15.18. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions within the range of $15.19 to $15.82. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

	Pilgrim Global ICAV, By: /s/ Paul Fitzgerald, Executive Director	10/17/2025
	Pilgrim Global Advisors LLC, By: /s/ Procter J. Hug, IV, Manager	10/17/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did SOC’s Form 4 report on 10/15/2025?

Two common stock transactions: 563,886 shares at $14.74 (weighted average) and 418,759 shares at $15.44 (weighted average).

Who are the reporting persons in SOC’s Form 4?

The filing was by Pilgrim Global ICAV and Pilgrim Global Advisors LLC (filed by more than one reporting person).

What were the disclosed price ranges for SOC trades?

The filing lists ranges of $14.18–$15.18 and $15.19–$15.82 for the two transactions.

How many SOC shares were beneficially owned after the reported transactions?

The filing shows 10,933,394 shares beneficially owned directly following the reported transactions.

What security class was involved for SOC (ticker SOC)?

Common Stock, par value $0.0001 per share.

Was this Form 4 filed by more than one reporting person?

Yes. The box for Form filed by More than One Reporting Person is marked.