Abstract: A subsea drilling method and system controls drilling fluid pressure in the borehole of a subsea well, and separates gas from the drilling fluid. Drilling fluid is pumped into the borehole through a drill string and returned through an annulus between the drill string and the well bore and between the drill string and a riser. Drilling fluid pressure is controlled by draining fluid out of the riser or a BOP at a level between the seabed and the surface in order to adjust the hydrostatic head of drilling fluid in the riser. The drained drilling fluid and gas is separated in a subsea separator, where the gas is vented to the surface through a vent line, and the fluid is pumped to the surface via a subsea pump. A closing device and a choke line and valve can release pressure after a gas kick in the well.