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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 4FWYmo2pGX4uP15gI0x75Q==

<SEC-DOCUMENT>0000919574-09-012369.txt : 20090622
<SEC-HEADER>0000919574-09-012369.hdr.sgml : 20090622
<ACCEPTANCE-DATETIME>20090622105134
ACCESSION NUMBER:		0000919574-09-012369
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:		20090622
DATE AS OF CHANGE:		20090622
EFFECTIVENESS DATE:		20090622

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SM Investors Offshore, Ltd.
		CENTRAL INDEX KEY:			0001172862
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-43153
		FILM NUMBER:		09902630

	BUSINESS ADDRESS:	
		STREET 1:		ADMIRAL ADMINISTRATION LTD., BOX 32021
		STREET 2:		ADMIRAL FINANCIAL CENTRE, 5TH FLOOR
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1208
		BUSINESS PHONE:		345-949-0704

	MAIL ADDRESS:	
		STREET 1:		ADMIRAL ADMINISTRATION LTD., BOX 32021
		STREET 2:		ADMIRAL FINANCIAL CENTRE, 5TH FLOOR
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1208

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SM INVESTORS OFFSHORE LTD
		DATE OF NAME CHANGE:	20020508
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0401</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001172862</cik>
        <entityName>SM Investors Offshore, Ltd.</entityName>
        <issuerAddress>
            <street1>Admiral Administration Ltd., Box 32021</street1>
            <street2>Admiral Financial Centre, 5th Floor</street2>
            <city>George Town,  Grand Cayman</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>KY1-1208</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>345-949-0704</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <entityType>Other</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Salvatore</firstName>
                <middleName></middleName>
                <lastName>Muoio</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>509 Madison Avenue, Suite 406</street1>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10022</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Member of S. Muoio &amp; Co. LLC, the Investment Manager of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>George</firstName>
                <middleName></middleName>
                <lastName>Hamilton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Hamilton Capital</street1>
                <street2>53 Davies Street</street2>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>W1K 5JH</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <middleName></middleName>
                <lastName>Devas</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Convergent Group</street1>
                <street2>Kite Yard, Cambridge Road</street2>
                <city>London</city>
                <stateOrCountry>X0</stateOrCountry>
                <zipCode>SW11 4TA</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </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>9999999997-08-029999</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2000-03-31</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Mr. James Devas</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>The Convergent Group</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>2 Kite Yard</street1>
                    <street2>Cambridge Road</street2>
                    <city>London</city>
                    <stateOrCountry>X0</stateOrCountry>
                    <zipCode>SW11 4TA</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>17226538</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>28</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>The individual listed in Item 12 is paid directly or indirectly commissions or similar sales compensation equal to a percentage of the fee paid to the Investment Manager (or its affiliate) from the assets under management and/or the incentive allocation.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The Investment Manager (or its affiliate) is entitled to receive an annual management fee in an amount equal to a specified percentage of assets under management.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>SM Investors Offshore, Ltd.</issuerName>
                <signatureName>/s/ Paul J. Paolino</signatureName>
                <nameOfSigner>Paul J. Paolino</nameOfSigner>
                <signatureTitle>Chief Financial Officer</signatureTitle>
                <signatureDate>2009-06-15</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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