Very similar (don't know about the tune) to "Bay of Biscay" as recorded by Tim Hart and Maddy Prior.

BAY OF BISCAY

My Willie sails on board the tender
And where he is I do not know.
For seven long years I have been constantly waiting
Since he crossed the Bay of Biscay-o.

One night as Mary lay a-sleeping
A knock came to her bedroom door,
Saying, "Arise, arise, my dearest Mary
For to earn one glance of your Willie-o"

Young Mary rose, put on her clothing
And to her bedroom door did go.
And there she spied her Willie standing.
His two pale cheeks as white as snow.

"Oh Willie dear, where are those blushes,
Those blushes I knew long years ago?"
"Oh, Mary dear, the cold clay has them.
I am only the ghost of your Willie-o."

"Oh, Mary dear, the dawn is coming.
Don't you think it's time for me to go?
I am leaving you quite broken hearted,
For to cross the Bay of Biscay-o."

"If I had all the gold and silver
And all the money in Mexico
I would grant it all to the king of Erin
To bring me back my Willie-o."