The lyrics convey the first-person account of a "normal boy" who has fallen or jumped off the bow of a ship and the thoughts that pass through the boy's mind as he loses the will to keep afloat by treading water. His final thought is of his beloved as he eventually concedes to drowning.
In the final verse the song takes on a deeper meaning as the lyrics reveal that the initial story of the boy drowning was just a…
I'm just a normal boy
That sank when I fell overboard
My ship would leave the country
But I'd rather swim ashore