Yes you can do this. You need to authorize the offline computer first, then it can run EQuivocate while offline.
If the computer can go online once you can authorize it using ilok licence manager available at ilok.com. You would put the computer online, install ilok license manager, and authorize the plug-in, then you can take the computer offline and it will be fine.
If the computer can never go online you’ll need to use an ilok dongle to authorize EQuivocate. In this case just use an online computer to install ilok license manager and authorize the ilok. Then you can plug the ilok into the offline computer and EQuivocate should work well.

Thanks,
Dan