Systems and methods for drilling a well bore in a subsea formation from an offshore structure positioned on a water surface with a drill string that is suspended from the structure and includes a bottom hole assembly adapted to form a top hole portion of the well bore. A drilling fluid source on the offshore structure supplies drilling fluid through the drill string to the bottom hole assembly where the drilling fluid exits from the bottom hole assembly during drilling and returns up the well bore. A suction module is disposed at the sea floor and collects the drilling fluid emerging from the well bore. A pump module is disposed on a return line, which is in fluid communication with the suction module, at a position below the water surface and above the sea floor. The pump module is operable to receive drilling fluid from the suction module and pump the drilling fluid through the return pipe to the same offshore structure or a different offshore structure