Grill the bacon until crispy, keep warm.
Place the shallots, white wine and water in a heavy-based pan and bring to boil. Let it simmer until reduced to a quarter. Add the cream and boil for one minute. Reduce the heat and add in all the butter. Whisk vigorously until you have a lovely silky sauce - do not let the sauce boil or it will separate. Remove from the heat, season and keep warm.
Season the whiting with salt and pepper. Heat a frying pan over a medium heat and add 2 tablesp. of olive oil. Add the fillets skin side down and cook for 3-4 minutes, the skin should be crisp. Turn and cook the other side for 2-3 minutes.