Sable Offshore Corp. is the subject of an amended Schedule 13G/A disclosing sizable ownership by Pilgrim Global ICAV, Pilgrim Global Advisors LLC, and Darren Maupin as of December 31, 2025. Pilgrim Global ICAV reports beneficial ownership of 18,206,121 common shares, or 12.6% of the class. Pilgrim Global Advisors LLC reports 18,454,373 shares, or 12.7%, while Darren Maupin reports 18,693,451 shares, or 12.9%. Of these, Maupin directly owns 239,078 shares, with the balance held for advisory clients and employees of Pilgrim Global Advisors or its affiliates. The filers certify that the securities are held on a passive basis and not for the purpose of changing or influencing control of Sable Offshore Corp.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Sable Offshore Corp.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
78574H104
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
78574H104
1
Names of Reporting Persons
Pilgrim Global ICAV
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
IRELAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,206,121.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,206,121.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,206,121.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
12.6 %
12
Type of Reporting Person (See Instructions)
FI
Comment for Type of Reporting Person: These numbers are as of December 31, 2025.
SCHEDULE 13G
CUSIP No.
78574H104
1
Names of Reporting Persons
Pilgrim Global Advisors LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,454,373.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,454,373.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,454,373.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
12.7 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: These numbers are as of December 31, 2025.
SCHEDULE 13G
CUSIP No.
78574H104
1
Names of Reporting Persons
Darren Maupin
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
SWITZERLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
239,078.00
6
Shared Voting Power
18,454,373.00
7
Sole Dispositive Power
239,078.00
8
Shared Dispositive Power
18,454,373.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,693,451.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
12.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: These numbers are as of December 31, 2025.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Sable Offshore Corp.
(b)
Address of issuer's principal executive offices:
845 Texas Avenue, Suite 2800, Houston, TX, 77002.
Item 2.
(a)
Name of person filing:
Pilgrim Global ICAV
Pilgrim Global Advisors LLC
Darren Maupin
(b)
Address or principal business office or, if none, residence:
Pilgrim Global ICAV
33 Sir John Rogerson's Quay
Dublin 2
Ireland
Pilgrim Global Advisors LLC
4785 Caughlin Parkway
Reno, Nevada 89519
Darren Maupin
c/o Pilgrim Global Advisors LLC
4785 Caughlin Parkway
Reno, Nevada 89519
(c)
Citizenship:
Pilgrim Global ICAV Ireland
Pilgrim Global Advisors LLC Delaware
Darren Maupin Switzerland
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
78574H104
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Investment company.
Item 4.
Ownership
(a)
Amount beneficially owned:
Pilgrim Global ICAV 18,206,121
Pilgrim Global Advisors LLC 18,454,373
Darren Maupin 18,693,451
(b)
Percent of class:
Pilgrim Global ICAV 12.6%
Pilgrim Global Advisors LLC 12.7%
Darren Maupin 12.9%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Pilgrim Global ICAV 0
Pilgrim Global Advisors LLC 0
Darren Maupin 239,078
(ii) Shared power to vote or to direct the vote:
Pilgrim Global ICAV 18,206,121
Pilgrim Global Advisors LLC 18,454,373
Darren Maupin 18,454,373
(iii) Sole power to dispose or to direct the disposition of:
Pilgrim Global ICAV 0
Pilgrim Global Advisors LLC 0
Darren Maupin 239,078
(iv) Shared power to dispose or to direct the disposition of:
Pilgrim Global ICAV 18,206,121
Pilgrim Global Advisors LLC 18,454,373
Darren Maupin 18,454,373
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
With the exception of the 239,078 shares of Common Stock, par value $0.0001 per share, which are owned by Darren Maupin in his individual capacity, all of the securities reported in this Schedule 13G Amendment No. 3 are directly owned by advisory clients and employees of Pilgrim Global Advisors LLC or its affiliates. No such person, other than Pilgrim Global ICAV, may be deemed to beneficially own more than 5% of the Common Stock, par value $0.0001 per share.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please see Exhibit 99.2 attached hereto.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Irish Collective Asset-Management Vehicles is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Pilgrim Global ICAV
Signature:
/s/ Paul Fitzgerald
Name/Title:
Paul Fitzgerald / Executive Director
Date:
02/17/2026
Pilgrim Global Advisors LLC
Signature:
/s/ Procter J. Hug IV
Name/Title:
Procter J. Hug IV / Manager
Date:
02/17/2026
Darren Maupin
Signature:
/s/ Darren Maupin
Name/Title:
Darren Maupin
Date:
02/17/2026
Comments accompanying signature: Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
Exhibit Information
Exhibit 99.1 Joint Filing Agreement
Exhibit 99.2 Control Person Identification
