Abstract Underbalanced drilling (UBD) has proven to increase reservoir productivity in several areas around the world. Due to the advantages gained by using this technology, offshore application has also been increasing lately, but it has been restricted solely to fixed platforms. However, with the deepwater drilling trend in the industry, it is imperative that this technology becomes technically and economically viable for application from floater units as well. This paper presents the design and planning of an offshore well to be drilled with aerated-fluid technology. Although the operation is not planned to be underbalanced, the well will be the first one to be drilled from a floating vessel using aerated fluid technology. The paper describes the approach taken to overcome the challenges posed, including the involvement of several companies in a Joint Industry Project to speed up the learning process and the steps related to critical areas, mainly hydraulics and equipment. The article finally discusses the most important points that still need improvement to make UBD a reality in offshore operations from floating units.