A subsea drilling method and system for controlling the drilling fluid pressure, where drilling fluid is pumped down into the borehole through a drill string and returned back through the annulus between the drill string and the well bore. The drilling fluid pressure is controlled by draining drilling fluid out of the drilling riser (8) or BOP (6) at a level between the seabed and the sea water in order to adjust the hydrostatic head of drilling fluid. The drained drilling fluid and gas is separated in a subsea separator (28) where the gas is vented to surface through a vent line (39), and the fluid is pumped to surface via pump (40).