Here are the words as I had them direct from Bernie (via Cos): basically the same as Sug posted above, but with Bernie's spelling. Hope Bernie doesn't mind us posting them here?

So away with your keelson, away with your yard,
Away with your mizzen and main,
For the days of the Montague Whaler
Are the days we will not see again.

Your lacings are frayed and your sheets disarrayed.
Your traveller's jammed at the yard.
You've lost cringle and bung and your planking is sprung
And the grease in your pintle's gone hard.

Your garboard strake's split and your stretchers don't fit.
Your paintwork's beginning to peel.
Your gun'ls have dipped and your tiller's unshipped
And the deadwood'd adrift from your keel.

They once sailed you proud, sang your praises out loud,
The pride of the ships that you served,
But no more will they shout as they put you about.
Is this the reward you deserved?

Your legend's been told by the sailors of old
Of the lives that you've saved from the sea.
You're the last Galliot. You've been left here to rot.
Now who's going to save you for me?

When you shake out your reef, take the wind by its teeth,
And sail into history and song,
Though we've thrown you away, please recall what I say.
Forgive us for being so wrong.