A system and method for attaching and removing equipment from a subsea wellhead in which equipment is lowered and raised on a flexible riser pipe, cables extend from the equipment to the wellhead and are winched in and out to control movement of the equipment adjacent the wellhead. While the cables are being winched in or out, the cables are maintained in tension by the cable reel or a motion compensator, between the equipment and riser pipe, permits the riser pipe to reciprocate vertically with the vessel in response to wave action, while the equipment is insulated from this action during engagement and disengagement with the wellhead. The equipment may include a guide frame, which may be made in two pieces, so that the upper section of the guide frame together with a riser pipe connector, may be released from the remainder of the frame and connector and lifted off by the riser pipe or by buoyancy means. The cable winch system may thereafter be used to reconnect the riser pipe lower connector to the remainder of the equipment. Whether a one or two piece frame is used, after the frame is landed on the wellhead with the equipment spaced from the wellhead, the equipment is preferably lowered into engagement with the wellhead. The motion compensator between the frame and riser pipe may provide this function.