It is exactly the same as updating from the internet, just copy the files into /var/cache/apt/archives on the other machine and update through synaptic or the command line.
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sudo apt-get dist-upgrade
I do this all the time on multiple ubuntu based installations, no need to keep downloading the same stuff over again. My installations are all on the same machine, so I actually just upgrade one installation then sync the /var/cache/apt/archives files between the two installs using an rsync gui and then run the upgrade on the other installation.
Fujitsu Lifebook AH532 Laptop. Intel i5 processor, 6Gb ram, Intel HD3000 graphics, Intel Audio/wifi. Realtek RTL8111/8168B Ethernet.Ubuntu12.10 (Unity), Mint14 (Cinnamon), Manjaro (Xfce).