-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DjR5RYirYH4tdh0qpei56rmFgNnymYfs3KGGj5mQiKx53BA5uLRscIV062Oe9xor
 CANJQmtpeiKHnht5E3Zd1w==

<SEC-DOCUMENT>0001324673-10-000003.txt : 20100108
<SEC-HEADER>0001324673-10-000003.hdr.sgml : 20100108
<ACCEPTANCE-DATETIME>20100108155138
ACCESSION NUMBER:		0001324673-10-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20100108
DATE AS OF CHANGE:		20100108
EFFECTIVENESS DATE:		20100108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COURAGE SPECIAL SITUATIONS OFFSHORE FUND LTD
		CENTRAL INDEX KEY:			0001324673
		IRS NUMBER:				980490759
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0801

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-76251
		FILM NUMBER:		10517704

	BUSINESS ADDRESS:	
		STREET 1:		C/O DMS CORPORATE SERVICES LTD.
		STREET 2:		20 GENESIS CLOSE, PO BOX 1344
		CITY:			GEORGETOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-11085
		BUSINESS PHONE:		3459495884

	MAIL ADDRESS:	
		STREET 1:		C/O DMS CORPORATE SERVICES LTD.
		STREET 2:		20 GENESIS CLOSE, PO BOX 1344
		CITY:			GEORGETOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-11085
</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>0001324673</cik>
        <entityName>COURAGE SPECIAL SITUATIONS OFFSHORE FUND LTD</entityName>
        <issuerAddress>
            <street1>C/O DMS CORPORATE SERVICES LTD.</street1>
            <street2>20 GENESIS CLOSE, PO BOX 1344</street2>
            <city>GEORGETOWN, GRAND CAYMAN</city>
            <stateOrCountry>E9</stateOrCountry>
            <zipCode>KY1-11085</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>3459495884</issuerPhoneNumber>
        <jurisdictionOfInc>CAYMAN ISLANDS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Cayman Islands Exempted Company</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Richard</firstName>
                <middleName>C.</middleName>
                <lastName>Patton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Courage Capital Management, LLC</street1>
                <street2>4400 Harding Road, Suite 503</street2>
                <city>Nashville</city>
                <stateOrCountry>TN</stateOrCountry>
                <zipCode>37205</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <lastName>Sampsell</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3400 Gulf Shore Boulevard North</street1>
                <street2>Apt. E3</street2>
                <city>Naples</city>
                <stateOrCountry>FL</stateOrCountry>
                <zipCode>34103</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>.</firstName>
                <lastName>Courage Capital Management, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>4400 Harding Road</street1>
                <street2>Suit 503</street2>
                <city>Nashville</city>
                <stateOrCountry>TN</stateOrCountry>
                <zipCode>37205</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <lastName>Bree</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>PO Box 31910 SMB</street1>
                <street2>Ansbacher House, 20 Genesis Close</street2>
                <city>Georgetown, Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-11085</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Don</firstName>
                <lastName>Seymour</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>PO Box 31910 SMB</street1>
                <street2>Ansbacher House, 20 Genesis Close</street2>
                <city>Georgetown, Grand Cayman</city>
                <stateOrCountry>E9</stateOrCountry>
                <zipCode>KY1-11085</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></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>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-001658</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2004-10-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>2000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>1000000000</totalOfferingAmount>
            <totalAmountSold>349428368</totalAmountSold>
            <totalRemaining>650571632</totalRemaining>
            <clarificationOfResponse>this is an open-ended fund, the total offering amount is an estimation</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>54</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>COURAGE SPECIAL SITUATIONS OFFSHORE FUND LTD</issuerName>
                <signatureName>/s/ Richard C. Patton</signatureName>
                <nameOfSigner>Richard C. Patton</nameOfSigner>
                <signatureTitle>Chief Manager of the Investment Manager</signatureTitle>
                <signatureDate>2010-01-07</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----