Once the shrimp have been cleaned, toss them in the Old Bay Seasoning to coat.
In a medium saucepan with a lid, melt 4 tablespoons of butter. Add the water, then bring to a boil over medium-high heat.
Add the shrimp, stirring in gently until they are mainly in one layer in the pan.
Place the lid on top and steam the shrimp for 3- 3 1/2 minutes (depending on size) or until the shrimp just turn pink.
Remove the lid and drain the shrimp, then place in a large bowl.
Toss with the extra butter, and sprinkle with additional Old Bay if desired.