Hi Rick,
I heard this song recently but the tape was in such a poor condition I could not hear the words atall well The chorus has a line or two which goes: there she lay "all that day" or "til next day" in the bay of Biscay-O. It was sung by Uffa Fox(a wealthy yachtsman from the UK) on a tape of his Sea Shanties,

Hope this will ring a few bells! maybe Eight
Cheers Mike Dowding aka Pork Sausage Mike