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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 D7rQr5nh0aeiDvMTXtS9XB4rd9X7XuvAcZNtpCrOwWSzn/87e3E2DGg67JH2DZJb
 k2sOZcUbdexGmGtZgZcQCQ==

<SEC-DOCUMENT>0001429354-09-000003.txt : 20090313
<SEC-HEADER>0001429354-09-000003.hdr.sgml : 20090313
<ACCEPTANCE-DATETIME>20090312194009
ACCESSION NUMBER:		0001429354-09-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20090313
DATE AS OF CHANGE:		20090312
EFFECTIVENESS DATE:		20090313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HALCYON OFFSHORE ASSET-BACKED VALUE FUND LTD
		CENTRAL INDEX KEY:			0001429354
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-115670
		FILM NUMBER:		09677071

	BUSINESS ADDRESS:	
		STREET 1:		C/O HALCYON ASSET-BACKED ADVISORS LP
		STREET 2:		477 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-303-9484

	MAIL ADDRESS:	
		STREET 1:		C/O HALCYON ASSET-BACKED ADVISORS LP
		STREET 2:		477 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001429354</cik>
        <entityName>HALCYON OFFSHORE ASSET-BACKED VALUE FUND LTD</entityName>
        <issuerAddress>
            <street1>C/O HALCYON ASSET-BACKED ADVISORS LP</street1>
            <street2>477 MADISON AVENUE</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10022</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-303-9400</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>E9</jurisdictionOfInc>
        <entityType>Other</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2006</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Donald</firstName>
                <middleName></middleName>
                <lastName>Loeb</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o Avanti Properties Group</street1>
                <street2>22 St. Clair Avenue, Suite 1700</street2>
                <city>Toronto</city>
                <stateOrCountry>A6</stateOrCountry>
                <zipCode>M4T2S3</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Donald Loeb is a Director of the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Philip</firstName>
                <middleName></middleName>
                <lastName>Heston</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2000 Azalea Ridge Road</street1>
                <street2></street2>
                <city>Hendersonville</city>
                <stateOrCountry>NC</stateOrCountry>
                <zipCode>28739</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Philip Heston is a Director of the issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Over $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-08-010082</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2006-10-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>750000000</totalOfferingAmount>
            <totalAmountSold>558000000</totalAmountSold>
            <totalRemaining>192000000</totalRemaining>
            <clarificationOfResponse>Re #13: This is an open end fund. The max aggregate offering price is estimated
solely for the purpose of this filing. Re #14 (below): The number of investors
may include sales to US and non-US persons. Investment includes contribution
of the GP.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>31</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Fund Investments, Management, Performance and Director's fees.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>HALCYON OFFSHORE ASSET-BACKED VALUE FUND LTD</issuerName>
                <signatureName>Thomas P. Hirschfeld</signatureName>
                <nameOfSigner>Thomas P. Hirschfeld</nameOfSigner>
                <signatureTitle>Chief Operating Officer</signatureTitle>
                <signatureDate>2009-03-12</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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