A system and method is described for use and return of drilling fluid/cuttings from a well, which is drilled on the ocean floor, in connection with offshore related oil production and gas production, where, from a drilling rig or drilling vessel (10), a drill stem (12) runs down into the bore hole and where a blowout preventer (BOP) is placed on said well, without mounting a riser between the rig or the vessel and said blowout preventer. A sealing and pressure-regulating device (16) is arranged on the blowout preventer (14) arranged to regulate the level of the drilling fluid, and thus the outlet pressure of the drilling fluid in said sealing and pressure-regulating device, and a pump module (18) is set up at a suitable distance adjacent said sealing and pressure-regulating device, where the pump module is arranged to pump said drilling fluid up to the ocean surface via an external return pipe.