Hefnir, fenguð yrkisefni,
Ôleifs; gervik slíkt at môlum;
Hlakkar lætr þú hrælǫg drekka
hauka; nú mun kvæði aukask.
Fjórar hefr þú, randa rýrir
reyrar setrs, á einum vetri
— allvaldr, estu ofvægr kallaðr —
ǫrva hríðir frœkn of gǫrvar.
Hefnir Ôleifs, fenguð yrkisefni; gervik slíkt at môlum; þú lætr hauka Hlakkar drekka hrælǫg; nú mun kvæði aukask. Rýrir setrs reyrar randa, þú hefr frœkn of gǫrvar fjórar hríðir ǫrva á einum vetri; allvaldr, estu kallaðr ofvægr.
Avenger of Óláfr [= Magnús], you furnished matter for the verse; I fashion such [deeds] into words; you allow hawks of Hlǫkk <valkyrie> [RAVENS/EAGLES] to drink the corpse-sea [BLOOD]; now the poem will swell. Diminisher of the home of the reed of shields [SWORD > SHIELD > WARRIOR], you have, daring, performed four blizzards of arrows [BATTLES] in one season; mighty ruler, you are called invincible.
[5] randa rýrir: rimmur reyrar 1005ˣ, ‘rumnur reyrar’ 19ˣ
number: pl.