Spakr lét Ulfr meðal ykkar,
Ôleifr, tekit môlum
— þétt fengum svǫr — sátta
— sakar leggið it — beggja.
Þér lét, þjófa rýrir,
þær, sem engar væri
riptar reknar heiptir,
Rǫgnvaldr gefit, aldar.
Spakr Ulfr lét tekit sátta môlum meðal ykkar beggja, Ôleifr; fengum þétt svǫr; it leggið sakar. Rǫgnvaldr lét þær gefit þér, rýrir aldar þjófa, sem engar heiptir riptar væri reknar.
Wise Úlfr caused to be adopted the peace proposals between you both, Óláfr; we [I] received watertight replies; you two are putting aside conflict. Rǫgnvaldr caused those [conflicts] to be conceded to you, destroyer of the race of thieves [JUST RULER = Óláfr], as if no enmity on account of treaty-breaking had been perpetrated.
[5] þjófa: jǫfra corrected from ‘þíofa’ (?) 61, jǫfra 68