Pirate, before being at sea, regularly lost (8)

I believe the answer is:

freeboot

'pirate' is the definition.
(I've seen this before)

'before being at sea regularly lost' is the wordplay.
'being at sea' indicates anagramming the letters.
'regularly' means one should take alternating letters (regularly take one letter, leave next etc.).
The alternate letters of 'lost' are 'ot'.
'before' with letters rearranged gives 'freebo'.
'freebo'+'ot'='FREEBOOT'

(Another definition for freeboot that I've seen is " Pirate".)

I've seen this clue in The Sunday Times.

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