In a stockpot, cook bacon over medium-high heat until crisp and browned, about 4-6 minutes. With a slotted spoon, transfer bacon to paper towels to drain.
Add potatoes and flour to the pot and cook, stirring, about 1 minute.
Add milk, seafood seasoning, thyme and water. Bring to a oil, and then reduce to a simmer. Cook, stirring occasionally, until the potatoes are tender, 10 to 12 minutes.
Add corn, shrimp, and green onions. Cook until the shrimp are just opaque, 2 to 3 minutes. Season with salt and pepper.
Serve immediately and top with bacon.