Heat olive oil in a large, deep skillet until shimmering.

Season shrimp with salt and pepper.

Add shrimp to the skillet and cook until lightly browned on one side (about 2 minutes).

Transfer shrimp to a plate.

Add rice to the skillet and cook, stirring, until opaque (about 2 minutes).

Stir in tomato paste, paprika, garlic, and saffron.

Cook, stirring, until the rice is toasted and sizzling (about 1 minute).

Add clam broth and water and bring to a boil.

Boil until the rice is slightly crunchy and about half of the broth is absorbed (about 10 minutes).

Lower the heat and simmer until the rice is nearly tender and the liquid is soupy but slightly reduced (about 8 minutes).

Stir in squid.

Lay the shrimp on top, cooked side up.

Cover and simmer until the squid and shrimp are cooked through and the rice is tender (about 2 minutes).