Abdool,
Good question! If you lab up offset lists with EIGRP you will discover that whatever value you enter as the offset will be added to the composite metric of EIGRP. As you may know, the composite metric of EIGRP is the result of a complex formula, but by default, it is a result of Bandwidth and Delay values. Fortunately, Cisco is smart enough to know that it is best not to mess with bandwidth values for the purpose of EIGRP traffic engineering (because this can mess up things like QoS).
So what you will see is that the Delay used to calculate the Composite Metric will be manipulated such that the final Composite Metric will increase to include your offset list value.