A system and method is provided for converting a drilling rig between conventional hydrostatic pressure drilling and managed pressure drilling or underbalanced drilling using a docking station housing mounted on a marine riser or bell nipple. This docking station housing may be positioned above the surface of the water. When a removable rotating control device is remotely hydraulically latched with the docking station housing, the system and method allows for interactive lubrication and cooling of the rotating control device, as needed, along with a supply of fluid for use with active seals.