Volatile oil prices, rising inflation, slowing emerging markets, and geopolitical tension have left investors hesitant to make moves in the oil market. But some analysts are confident that oil companies are in a strong position moving forward.

Nomura has a “buy” rating on Fugro, PGS, and Seadrill. Christyan Malek, a Nomura analyst, told CNBC that these companies stand out because they have the “best-in-class” assets. They also efficiently manage inflation pressures.

Malek stressed the need for oil companies to have the top technology and innovation in order to save money and maximize return. He favors oil companies that invest in strong project managers. “It doesn’t come cheap, but they are the ones who will put the key into the ignition and deliver the projects,” he said.

Shell is one of Malek’s top picks: “Shell is a company that has really managed to project engineer excellence, manage those costs, and deliver cash consistently,” he said.

On the services side, Malek cited Saipem and AMEC as companies that have “managed to understand the inflation, keep resource, and maintain efficiency,” he said.

Nomura’s least preferred oil stocks are CGGVeritas, TGS, and Weir Group.

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