First thing, is cook up the bacon, your preferred is fine. Me, I will just fry it. When the bacon is cooked, remove from the pan to paper towels to drain. Pour out most of the bacon fat (I save the fat in a jar).
Place two egg rings or quart size large mouth mason jar rings in the pan. Crack in an egg into each ring, break the yolks with a fork, season each with salt and pepper as desired.
Add the water to the pan and cover, let the eggs cook (steam) for about 3 minutes or until the whites are cooked through.
Remove the lid and add the cheese to one egg only, cover and cook for another minute or until the cheese is melted and gooey.
To plate, turn the egg over with no cheese onto a plate, add the crispy bacon strips, turn the egg with cheese over the top of the bacon, cheese side down.
Serve with toast, enjoy, with a fork.