The Kingston Trio sang something very much like this.
https://www.youtube.com/watch?v=QMiuPW6hchs

When I was a lad (a few years ago) I found another version in some book that had the last verse thus:

Now comes the tryin' out my boys
We'll work both night and day
And you'll all have fifty cents apiece
When you receive your pay

"Trying out" is where they melt the whale blubber down.