Maybe not 100% correct, but a bit better than the above version:

Fare thee well the Firth of Fourth
And all the pubs and lassies too
We'll trawl the Northern Seas
And seek for harbours, though they're few

[Chorus 1]
Oh, we'll fight the wind and rain
So here we go again

There's beer enough to drink
But never time to see it through
Pray god we'll see some land
To rest a while and try their brew

[Chorus 1]


The shipping forecast says
Gale force winds and stormy seas
We'll take a break ashore
The Faroe Isle, let's let it be

[Chorus 1]


We'll make a run for shore
Maybe cramps may damp her so
May make a few men sour
To a bigger town, so away we go

[Chorus 1]


[Instrumental]


Farewell the Faroe Isles
We saw the sun, we felt the wind
And though we often tried
We often tried but never sinned

And farewell land-to-leave
And through the laughter and the smiles
We'll think in harmony
Of people in the Faroe Isles

[Chorus 2]
And still we must go on
We'll fight the sea, the wind and rain
And still we must go on
So let us be away again
We'll go away again

Bright coloured houses stand
Together in Torshaven's bay
They all day pulled in there
Where there's no spot to spend your pay

There's dry-fish for your tea
There's dry-fish for your lunch, my dear
For dinner there's dry-fish
When it comes to it, they dry your beer

[Chorus 2]

And again and again and again and again and again and again