Unfortunately most of the ocean solutions use compute shaders and therefore do not work on the Compatibility renderer.
I created an enless tiled ocean system with buoyancy that works on all renderers.
You can experience it in your browser at: Godot Endless Waves by Antz
Full YouTube video: https://youtu.be/feZR6hQi5VI

Features in this demo:
- Supports ALL RENDERES.
- CPU based buoyancy calculation, with dampening and smoothing.
- 7 x 4 = 28 tiled Gerstner waves used to simulate endless oceans.
- Persisting Jacobian foam.
- Persisting ship intersection foam.
- Land will continuously spawn.
- Wind direction change affects sails and flags.
Limitations:
- Endless water is only on Z axis for now.
- Intersection foam has a few bugs.
- You can still detect tile swaps in the distance if you look closely.
- Tiled waves pattern apparent when you zoom out.
- No foam on intersection with land.
- Works well on desktop GPUs. Will struggle on Mobile or older hadrware.
Assets:
- Kenney’s Pirate Ship.
- Kenney’s Mobile Controls.
- Kenney’s Font pack.