Its most likely NOT the governor or compressor.
The governor turns on and off the compressor. That's working.
First line comes from the wet tank and goes to the governor. If it leaks the wet tank pressure drops and the governor turns on the compressor, over and over. Compressor is working.
Second line runs from the governor to the compressor ( Some mount the governor on the compressor with a gasket so no line ) That line takes the air signal from the governor and turns on and off the compressor. A leak drains the wet tank and the compressor cycles.
Third line runs from the governor to the air dryer.
If it leaks, the governor will keep cycling, as yours is.
It may also be the purge valve on the air dryer, letting the air leak. The purge valve is re-buildable, replacable
Run from that shop. Compressors that reach over 120 PSI are not broken. Governors that blow off a very few seconds are not bad.
A leak or bad purge valve is your problem, its a cheap fix.