Add the sugar to a heavy-bottomed saucepan, then pour in the water so all the sugar is wet.
Set the pan over medium heat. Swirl it gently once or twice to help things cook evenly. Don't stir it with a spoon, as this can cause the sugar to crystallize. If you notice any sugar crystals form on the side of the pan, brush them with a wet pastry brush to melt them back and avoid crystallization.
Let the sugar cook undisturbed for about 6-8 minutes, watching closely as it darkens into caramel. You may notice a slightly clumpy texture forming before this stage; that's normal, and it will smooth out as it melts.
When the sugar turns golden, swirl the pan again to ensure even melting until it deepens into an amber shade.
Once the caramel reaches a deep amber color, pour in the warmed cream and whisk to combine. Continue cooking for 1-2 minutes, until the mixture thickens slightly.
Remove from heat and whisk in the butter until fully incorporated, then stir in the sea salt. The sauce will continue to thicken as it cools.
For a silky finish, blend the sauce after it has cooled completely.