SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Nabors Energy Transition Corp. II

(Name of Issuer)

Class A Ordinary Shares, $0.0001 par value

(Title of Class of Securities)

G6363K106

(CUSIP Number)

Jacob Ma-Weaver
601 California Street, Suite 1151
SAN FRANCISCO, CA, 94108
(415) 857-1965

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/16/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Checkbox not checked

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No.

G6363K106

Name of reporting person

Funicular Funds, LP

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,875,115.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,875,115.00
10	Shared Dispositive Power 0.00

Aggregate amount beneficially owned by each reporting person

1,875,115.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

13.7 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

CUSIP No.

G6363K106

Name of reporting person

Cable Car Capital, LP

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,875,115.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,875,115.00
10	Shared Dispositive Power 0.00

Aggregate amount beneficially owned by each reporting person

1,875,115.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

13.7 %

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

CUSIP No.

G6363K106

Name of reporting person

Jacob Ma-Weaver

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,875,115.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,875,115.00
10	Shared Dispositive Power 0.00

Aggregate amount beneficially owned by each reporting person

1,875,115.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

13.7 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Class A Ordinary Shares, $0.0001 par value

(b)

Name of Issuer:

Nabors Energy Transition Corp. II

(c)

Address of Issuer's Principal Executive Offices:

515 W. GREENS ROAD, SUITE 1200, HOUSTON, TEXAS , 77067.

Item 2.

Identity and Background

(a)

This statement is being filed by Funicular Funds, LP (the "Fund"), a Delaware limited partnership, with respect to the Shares beneficially owned and held of record by the Fund. The general partner of the Fund is Cable Car Capital, LP ("Cable Car"), a Delaware limited partnership. Jacob Ma-Weaver, a United States citizen, is the ultimate individual responsible for directing the voting and disposition of the Shares held by the Fund. Each of the Fund, Cable Car, and Mr. Ma-Weaver are referred to as a "Reporting Person" and collectively as the "Reporting Persons".

(b)

The principal business address for the Reporting Persons is 601 California Street, Suite 1151, San Francisco, California 94108.

(c)

The Fund is a private investment partnership whose principal business is investing and trading in securities. Cable Car is an investment adviser registered with the Securities and Exchange Commission. Its principal business is investment management. Mr. Ma-Weaver has sole discretionary authority over the accounts of the Fund.

(d)

During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

(e)

During the last five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding been subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f)

Funicular Funds, LP - Delaware Cable Car Capital, LP - Delaware Jacob Ma-Weaver - United States

Item 3.

Source and Amount of Funds or Other Consideration

The Shares to which this Schedule 13D relates were acquired for an aggregate purchase price of $21,246,660.70, inclusive of brokerage commissions. Funds for the purchase were obtained from the available working capital of the Fund, which may include borrowings under portfolio margin agreements with the Fund's custodians. Positions in the Shares to which this Schedule 13D relates may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts. Since other securities may be held in such margin accounts, it may not be possible to determine the amounts, if any, of margin used to purchase the Shares.

Item 4.

Purpose of Transaction

The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. With respect to the preliminary proxy statement on Schedule 14A filed by the Issuer on October 16, 2025, the Reporting Persons have communicated their belief that the proposals are not approvable in their current form to the Issuer. The Reporting Persons are supportive of an orderly winding up process that promptly distributes the trust account to Class A shareholders and proportionally allocates settlement proceeds, net of expenses, between the Class A and Class F shareholders. No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in communications with management and the Board, engaging in discussions with shareholders of the Issuer or other third parties about the Issuer and the Reporting Persons' investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer's financial and/or operational performance, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative instruments, or changing their intention with respect to any and all matters referred to in Item 4.

Item 5.

Interest in Securities of the Issuer

(a)

The aggregate percentage of Shares reported owned by the Reporting Persons is based on 13,724,863 Shares outstanding as of August 14, 2025, which is the total number of Shares outstanding as reported on the cover page of the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2025. As of the close of business on October 21, 2025, the Fund beneficially owned 1,875,115 Shares, constituting approximately 13.7% of the Issuers outstanding Shares. Cable Car, as the general partner of the Fund, may be deemed the beneficial owner of the 1,875,115 Shares owned by the Fund. Mr. Ma-Weaver, as the Managing Member of Cable Car, may be deemed the beneficial owner of the 1,875,115 Shares owned by the Fund.

(b)

Funicular Funds, LP - 1,875,115 Cable Car Capital, LP - 1,875,115 Jacob Ma-Weaver - 1,875,115

(c)

Schedule A is incorporated herein by reference

(d)

None

(e)

Not applicable

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

There are no contracts, arrangements, understandings, or relationships between the Reporting Persons and any other person with respect to the securities of the Issuer.

Item 7.

Material to be Filed as Exhibits.

Exhibit A. Joint Filing Agreement

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Funicular Funds, LP

Signature:	Jacob Ma-Weaver
Name/Title:	Managing Member of the General Partner
Date:	10/22/2025

Cable Car Capital, LP

Signature:	Jacob Ma-Weaver
Name/Title:	Managing Member
Date:	10/22/2025

Jacob Ma-Weaver

Signature:	Jacob Ma-Weaver
Name/Title:	Jacob Ma-Weaver
Date:	10/22/2025

SEC Form SCHEDULE 13D filed by Nabors Energy Transition Corp. II