This is how it sounds to me, who am not a Scot. I've made no attempt to reproduce the accent, even though some of the rhymes dictate that they should be sung in a particular way:

'Twas a wild, fearsome night on the sea,
Whatever the outcome may be,
For the lifeboat maroon has alerted the town
And I wordlessly pray as I stand on the brae
'O Lord, bring my man back to me.'

There's sweethearts and wives standing round,
The boat crew are all from this town,
Such an anxious-like throng, such a silence among,
And we pray as the mercy-boat speeds on her way,
'O dear Lord above, hear our cry.'

At length on that storm-wracked shore
Our arms help the lifeboat to moor,
And we learn of the fate of the skipper and mate,
And the fishermen pray as they stand 'neath the spray,
'O Lord, help their wives to endure.
Lord, father their bairns in this hour.'