The present invention concerns a method for lowering the water dew point subsea in a produced multiphase hydrocarbon fluid stream containing water, the method comprising the steps of: separating (10) the hydrocarbon fluid stream (1) into a liquid phase (3) and a first gas phase (2); cooling (20) the first gas phase in a controlled manner to knock out water or condensing water and optionally other condensates while keeping the fluid above a hydrate formation temperature thereof; separating off condensed liquids (6) and a second gas phase; wherein the second gas phase (8) has a water dew point which is lower than that of the initial multiphase hydrocarbon fluid stream. The invention also concerns a system for lowering the water dew point subsea.