A well system includes a drilling vessel, a concentric drillstring extending from the vessel into a subterranean wellbore disposed beneath a mudline, wherein the concentric drillstring is configured to circulate a drilling fluid from the drilling vessel into the wellbore along a first passage, and to circulate the drilling fluid from the wellbore to the drilling vessel along a second passage, and a subsea pump in fluid communication with the wellbore, wherein the subsea pump is configured to manage fluid pressure in the wellbore by controlling a height of a column of hydrostatic fluid disposed in the wellbore.