SEC FORM 3

SEC FORM 3 SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Funicular Funds, LP

(Last)

(First)

(Middle)

601 CALIFORNIA STREET

SUITE 1151

(Street)

SAN FRANCISCO

94108

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/16/2025

3. Issuer Name and Ticker or Trading Symbol
Nabors Energy Transition Corp. II [ NETD ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Ordinary Shares, $0.0001 par value	1,875,115	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)

1. Name and Address of Reporting Person^*

Funicular Funds, LP

(Last)

(First)

(Middle)

601 CALIFORNIA STREET

SUITE 1151

(Street)

SAN FRANCISCO

94108

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Cable Car Capital, LP

(Last)

(First)

(Middle)

601 CALIFORNIA STREET

SUITE 1151

(Street)

SAN FRANCISCO

94108

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		See Footnote 1

1. Name and Address of Reporting Person^*

Ma-Weaver Jacob

(Last)

(First)

(Middle)

601 CALIFORNIA STREET

SUITE 1151

(Street)

SAN FRANCISCO

94108

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		See Footnote 1

Explanation of Responses:

Remarks:

1. This Form 3 is being filed by Funicular Funds, LP (the "Fund"), its general partner Cable Car Capital, LP ("Cable Car"), and Jacob Ma-Weaver. The Fund, Cable Car, and Mr. Ma-Weaver may each be deemed to beneficially own more than 10% of the Issuer's outstanding shares of Common Stock due to the Fund's ownership. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

	Jacob Ma-Weaver, Managing Member of the General Partner	10/23/2025
	Jacob Ma-Weaver, Managing Member of the General Partner	10/23/2025
	Jacob Ma-Weaver	10/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

New insider Funicular Funds, Lp claimed ownership of 1,875,115 units of Class A Ordinary Shares (SEC Form 3)