In an medium pot over high heat, combine the rice, bay leaves, 2 tablespoons of butter, 1 teaspoon of salt, and 4⅓ cups (1 L) of water. Bring to a boil. Cover, reduce the heat to low, and simmer for 20 minutes, or until the rice is cooked and fluffy.
Heat a large sauté pan over medium-high heat. Add a drizzle of olive oil. Toss in the peppers, onion, and garlic. Cook until the onion is slightly translucent, 8-10 minutes.
Add the red pepper flakes, remaining teaspoon of salt, the tomato paste, and remaining cup (240 ml) of water. Stir, cover, and boil for 2-3 minutes.
Add the calamari, shrimp, mussels, and peas. Stir and cover with the lid. Cook until the mussel shells open, 5-6 minutes.
Remove the pan from the heat. Add the lemon juice, remaining 2 tablespoons of butter, and chopped parsley then stir.
Transfer the cooked rice to a large bowl.
Use a slotted spoon to scoop the seafood mixture over the rice. Stir to combine, add ½ cup (120 ml) of the seafood braising liquid, and stir once more.
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