SCHEDULE: Pilgrim Global Boosts Sable Offshore Stake to Over 18M Shares

Pilgrim Global ICAV, Pilgrim Global Advisors LLC, and Darren Maupin significantly increased their beneficial ownership in Sable Offshore Corp. to over 18 million shares each as of November 14, 2025.

Summary

• Pilgrim Global ICAV, Pilgrim Global Advisors LLC, and Darren Maupin filed an Amendment No. 2 to Schedule 13G for Sable Offshore Corp.
• As of September 30, 2025, Pilgrim Global ICAV beneficially owned 9,933,394 shares, representing 10.0% of the class.
• As of September 30, 2025, Pilgrim Global Advisors LLC beneficially owned 10,167,910 shares, representing 10.2% of the class.
• As of September 30, 2025, Darren Maupin beneficially owned 10,406,988 shares, representing 10.5% of the class, which included 239,078 shares with sole voting and dispositive power.
• Between September 30, 2025, and November 14, 2025, their beneficial ownership significantly increased.
• As of November 14, 2025, Pilgrim Global ICAV beneficially owns 18,206,121 shares.
• As of November 14, 2025, Pilgrim Global Advisors LLC beneficially owns 18,440,637 shares.
• As of November 14, 2025, Darren Maupin beneficially owns 18,679,715 shares.
• The reporting persons certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Sable Offshore Corp.

Sentiment

Score: 7

Explanation: The significant increase in beneficial ownership by a group of institutional and individual investors suggests a positive outlook and confidence in Sable Offshore Corp., although the filing itself is a routine disclosure.

Positives

• Increased institutional and individual investor confidence is demonstrated by a significant increase in beneficial ownership by Pilgrim Global ICAV, Pilgrim Global Advisors LLC, and Darren Maupin.
• The reporting persons now hold a substantial stake, with Darren Maupin owning 18,679,715 shares, indicating a strong long-term interest in Sable Offshore Corp.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Sable Offshore Corp.'s future operations or financial performance, focusing solely on beneficial ownership.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and 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.
• Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein.

Industry Context

This filing indicates a significant increase in a passive investment stake by a group of investors in Sable Offshore Corp. Such increases can signal growing investor confidence in the company's long-term prospects within its industry, potentially attracting further investor attention. It reflects a strategic positioning by the reporting entities within the offshore sector.

Stakeholder Impact

• Shareholders: The increased stake by a significant investor group could be viewed positively, potentially signaling confidence and stability, which might influence share price positively.
• Management: Awareness of a large, passive shareholder group may influence strategic decisions, though the filing explicitly states no intent to influence control.

Key Dates

Recommendation

The filing indicates a substantial increase in beneficial ownership by a group of investors, suggesting growing confidence in Sable Offshore Corp. This is a positive signal for existing shareholders. However, as a Schedule 13G, it does not provide operational or financial performance details to warrant a 'buy' recommendation. The increased institutional interest supports holding the stock, but further analysis of the company's fundamentals would be required for a stronger recommendation.

Keywords

Sable Offshore Corp., Pilgrim Global ICAV, Pilgrim Global Advisors LLC, Darren Maupin, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investment, Shareholder Stake, SEC Filing