A subsea processor may be located near the seabed of a drilling site and used to coordinate operations of underwater drilling components. The subsea processor may be enclosed in a single interchangeable unit that fits a receptor on an underwater drilling component, such as a blow-out preventer (BOP). The subsea processor may issue commands to control the BOP and receive measurements from sensors located throughout the BOP. A shared communications bus may interconnect the subsea processor and underwater components and the subsea processor and a surface or onshore network. The shared communications bus may be operated according to a time division multiple access (TDMA) scheme.