Hjaldrgegnis telk Hildar
hugreifum Ôleifi
(hann vilk at gjǫf Grímnis)
geðfjarðar lô (kveðja).
Telk hugreifum Ôleifi lô geðfjarðar Hildar hjaldrgegnis; vilk kveðja hann at gjǫf Grímnis.
I recite the water of the mind-fjord [BREAST] of the promoter of the noise of Hildr <valkyrie> [(lit. ‘noise-promoter of Hildr’) BATTLE > = Óðinn > POEM] for the glad-hearted Óláfr; I want to summon him to the gift of Grímnir <= Óðinn> [POEM].
[2] hug‑: her‑ U
[2] hugreifum ‘glad-hearted’: The variant herreifum lit. ‘troop-happy’ (U) is also possible.