Combine the orange juice, strip of orange zest, shallots, bay leaf, peppercorns, garlic, thyme, and wine in a saucepan, and bring to a boil. Reduce the heat to a simmer and cook until the liquid has reduced by three-fourths, about 8 minutes. Add the heavy cream and cook until the liquid has reduced by half, about 4 minutes longer. Whisk in the cold butter little by little, whisking until the sauce is smooth and thick and all the butter is incorporated, 3 to 4 minutes; do not allow the sauce to boil. Strain the sauce through a fine-mesh sieve into another saucepan, pressing on the solids to extract all the liquid; discard the solids. Season the sauce with salt and pepper to taste, and keep warm until ready to serve. (Do not allow the sauce to boil or it will separate.)

Season the salmon on both sides with 1/2 teaspoon salt and 1/4 teaspoon black pepper. Heat the canola oil in a large skillet over medium-high heat. Add the salmon, skin side down, and cook until lightly browned and crisp, 3 to 4 minutes. Flip the salmon over and cook until the fish is just cooked through, about 2 minutes.

Serve the salmon, skin side up, immediately, with the orange butter sauce spooned around the fillets.