Norwegian world number four Viktor Hovland surrendered his lead at the Arnold Palmer Invitational with two bogeys to finish the third day at Bay Hill on Saturday.

Hovland, who was the leader at halfway, carded a three-over 75 with six bogeys, saving face with a hole-out eagle from the bunker on the sixth and birdie on the eighth.

The Norwegian had retained his lead until bogeys on 17 and 18 allowed American pair Billy Horschel and Talor Gooch to claim a share of the lead.

Horschel and Gooch are seven-under after 54 holes, with Hovland one stroke back, followed by Scottie Scheffler at five-under after he carded a joint round-high four-under-68.

"I was really in a good rhythm until some bad shots on the back nine," Hovland told reporters.

On his hole-out eagle, he added: "That was awesome. Obviously, not the greatest start to the day. Even the pars that I made on the next few holes was really scrappy. Hit some really bad shots.

"Then obviously walking up to the greenside bunker on that hole was hard on the downslope and no green to work it. I thought I was in no man's land, just try to chunk it out there and give myself a putt at it. It came out really soft and landed in the first cut and just died and went in."

Bouncing back in a big way.

Viktor Hovland retakes a two-shot lead with an eagle. pic.twitter.com/JUbfhnMpzh
— PGA TOUR (@PGATOUR) March 5, 2022

Horschel carded a one-under-71 to claim the joint lead, with three bogeys and four birdies, including closing out with an important birdie putt.

Gooch had an even round for 72, bogeying the 18th to settle for a share of the lead after he had birdied both the 15th – with a 33-foot putt - and 16th.

Scheffler surged up 16 spots and into contention with a round that included three birdies and an eagle on his back nine. The American rolled in a 21-footer for eagle on the 16th.

Max Homa, playing alongside Scheffler, landed a rare ace on the 14th hole although he is off the pace with an even card overall in a group featuring top-ranked Jon Rahm.

Gary Woodland is behind Scheffler at four-under, with Rory McIlroy among a group of three at three-under ahead of the final day.

ACE ALERT @MaxHoma23's first ace on TOUR! pic.twitter.com/Ju6ABV5Bze
— PGA TOUR (@PGATOUR) March 5, 2022