Place bacon in a large, deep skillet. Cook over medium-high heat until crisp. Drain, leaving just the brown bits & grease that clings to the pan, crumble bacon and set aside.
In the same skillet, melt butter in with reserved bacon grease over medium heat, add shallot and almonds cook, stirring until browned. Add Brussels sprouts to the pan, and season with seasoning salt and pepper. Add the water cook over medium heat until sprouts are wilted and tender, 7 - 10 minutes. Stir in crumbled bacon just before serving.