Patent ID: 8863858

Claim:
A system for managing pressure from a floating rig heaving relative to an ocean floor, comprising: a riser in communication with a wellbore and configured to extend from the ocean floor, wherein said riser having a telescoping joint configured to move between an extended position and a retracted position; a tubular positioned within said riser; an annulus formed between said tubular and said riser configured to receive a fluid; a drill bit disposed with said tubular, wherein said drill bit is in contact with said wellbore; a rotating control device disposed above said telescoping joint and configured to seal said annulus; a fluid container configured to receive a volume of a fluid when said telescoping joint is in said retracted position; a line positioned between said rotating control device and said telescoping joint and configured to communicate said annulus with said fluid container; and a pressure regulator configured to move fluid in said line when an annulus pressure is less than a predetermined pressure setting of said pressure regulator.