-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PmkbZ40DmC/3/6lBSvLyac4rhXgOu8i+1S23myMPNldy350/Nr7puW2EpLLNi/5L
 0cthP6lKP/epBST0XtsNaQ==

<SEC-DOCUMENT>0001051340-09-000003.txt : 20091102
<SEC-HEADER>0001051340-09-000003.hdr.sgml : 20091102
<ACCEPTANCE-DATETIME>20091102121249
ACCESSION NUMBER:		0001051340-09-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20091102
DATE AS OF CHANGE:		20091102
EFFECTIVENESS DATE:		20091102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STONEHILL OFFSHORE PARTNERS LTD
		CENTRAL INDEX KEY:			0001051340
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-85271
		FILM NUMBER:		091150322

	BUSINESS ADDRESS:	
		STREET 1:		CORPORATE CENTRE WEST BAY RD
		STREET 2:		P O BOX 31106 SMB
		CITY:			GRANDCAYMAN CAYMAN I
		STATE:			E9
		ZIP:			KY1-1205
		BUSINESS PHONE:		8099493977

	MAIL ADDRESS:	
		STREET 1:		CORPORATE CENTRE WEST BAY RD
		STREET 2:		P O BOX 31106 SMB
		CITY:			GRANDCAYMAN CAYMAN I
		STATE:			E9
		ZIP:			KY1-1205
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001051340</cik>
        <entityName>STONEHILL OFFSHORE PARTNERS LTD</entityName>
        <issuerAddress>
            <street1>Winward 1, Regatta Office Park, W Bay Rd</street1>
            <street2>Attn: Citco Fund Services (Cayman) Ltd.</street2>
            <city>GRAND CAYMAN</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>KY1-1205</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>3459493977</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Company</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Stonehill Capital Management LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>885 Third Avenue, 30th Floor</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director and Investment Adviser</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Geoffrey</firstName>
                <lastName>Ruddick</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>International Management Services Ltd.</street1>
                <street2>P.O. Box 61</street2>
                <city>George Town, Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-1102</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Stonehill General Partner LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>885 Third Avenue, 30th Floor</street1>
                <street2>Attn: Stonehill Capital Management LLC</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Receives profit allocations</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Stonehill Advisers LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>885 Third Avenue, 30th Floor</street1>
                <street2>Attn: Stonehill Capital Management LLC</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Receives previously deferred investment advisory fees</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <lastName>Motulsky</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>885 Third Avenue, 30th Floor</street1>
                <street2>Attn: Stonehill Capital Management LLC</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of certain Related Persons</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christopher</firstName>
                <lastName>Wilson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>886 Third Avenue, 30th Floor</street1>
                <street2>Attn: Stonehill Capital Management LLC</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of certain Related Persons</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Wayne</firstName>
                <lastName>Teetsel</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>885 Third Avenue, 30th Floor</street1>
                <street2>Attn: Stonehill Capital Management LLC</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of certain Related Persons</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Thomas</firstName>
                <lastName>Varkey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>885 Third Avenue, 30th Floor</street1>
                <street2>Attn: Stonehill Capital Management LLC</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of certain Related Persons</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jonathan</firstName>
                <lastName>Sacks</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>885 Third Avenue, 30th Floor</street1>
                <street2>Attn: Stonehill Capital Management LLC</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of certain Related Persons</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <lastName>Sisitsky</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>885 Third Avenue, 30th Floor</street1>
                <street2>Attn: Stonehill Capital Management LLC</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of certain Related Persons</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-046052</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1996-08-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>50000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>33495015</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Excludes sales to related persons; includes sales to investors who have redeemed their interests.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>12</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>No commission was paid by the Issuer.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Administrator receives administrative fees; investment advisers receive management fees; Stonehill General Partner LLC receives profit allocations; director receives director's fees.  Amounts cannot be estimated.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>STONEHILL OFFSHORE PARTNERS LTD</issuerName>
                <signatureName>/s/ John Motulsky</signatureName>
                <nameOfSigner>John Motulsky</nameOfSigner>
                <signatureTitle>Managing Member of Director</signatureTitle>
                <signatureDate>2009-10-28</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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