The song's lyrics describe a whaling ship called the Billy o' Tea and its hunt for a right whale. The song describes how the ship's crew hope for a "wellerman" to arrive and bring them supplies of luxuries. 

"Soon may the Wellerman come
To bring us sugar and tea and rum
One day, when the tonguin' is done
We'll take our leave and go"

"Wellerman" chorus

According to the song's listing on the website New Zealand Folk Song, "the workers at these bay-whaling stations (shore whalers) were not paid wages, they were paid in slops (ready made clothing), spirits and tobacco."[2] The chorus continues with the crew singing of their confidence that the "tonguin'" will be the last step of their plight. Tonguing in this context refers to the practice of cutting strips of whale blubber to render into oil.[7] Subsequent verses detail the captain's determination to bring in the whale in question, even as time passes and the quartet of whaling boats is lost in the fight. In the last verse, the narrator conveys how the Billy o' Tea is still considered locked in an ongoing struggle with the whale, with the wellerman making "his regular call" to strengthen the captain and crew.