Deal making, Pilgrim Global buys Sable Offshore (NASDAQ: SOC)

Pilgrim Global ICAV and Pilgrim Global Advisors LLC, both identified as ten percent owners of Sable Offshore Corp (NASDAQ: SOC), reported purchasing a total of 982,645 shares of common stock on October 15, 2025. The purchases, transacted at weighted average prices, resulted in a total investment of $14,777,318. The stock, currently trading at $11.81, has declined recently

Sable Offshore Corp. has been involved in several significant developments. The company announced an update to its Development and Production Plan for the Santa Ynez Unit, which includes offshore processing, storage, and offloading of crude oil. This revised plan has been submitted to the U.S. Department of the Interior’s Bureau of Ocean Energy Management. In a separate matter, Sable Offshore is seeking over $347 million in damages from the California Coastal Commission, alleging delays in restarting its Las Flores Pipeline System due to a cease-and-desist order. Despite these legal challenges, the company reported that oil and gas production from the Santa Ynez Unit remains unaffected. Additionally, Benchmark has reiterated its Buy rating on Sable Offshore, maintaining a $47.00 price target, following the company’s presentation of its “Plan B” involving an offshore storage and treating vessel.