Fylkir gleðr í folki
flagðs blakk ok svan Hlakkar;
Ôleifr of viðr élum
Yggs gǫgl fegin Skǫglar.
Fylkir gleðr blakk flagðs ok svan Hlakkar í folki; Ôleifr of viðr gǫgl Yggs fegin élum Skǫglar.
The ruler gladdens the steed of the troll-woman [WOLF] and the swan of Hlǫkk <valkyrie> [RAVEN/EAGLE] in battle; Óláfr makes the goslings of Yggr <= Óðinn> [RAVENS] joyful with the storms of Skǫgul <valkyrie> [BATTLES].