Létk við yðr, es ítran,
Ôleifr, hugat môlum
rétt, es ríkan hittak
Rǫgnvald, konungr, haldit.
Deildak môl ins milda,
malma vǫrðr, í gǫrðum
harða mǫrg; né heyrðak
heiðmanns tǫlur greiðri.
Létk haldit hugat rétt môlum við yðr, Ôleifr konungr, es [hittak] ítran, es hittak ríkan Rǫgnvald. Deildak harða mǫrg môl í gǫrðum ins milda, vǫrðr malma; né heyrðak greiðri tǫlur heiðmanns.
I kept conscientiously, precisely, to the arrangements with you, King Óláfr, when [I met with] the excellent, when I met with the powerful Rǫgnvaldr. I dealt with very many arrangements in the courts of the generous one, guardian of metal weapons [WARRIOR = Óláfr]; I have not heard more loyal speeches of a tributary [Rǫgnvaldr].
[2] hugat môlum ‘conscientiously ... arrangements’: Hugat is here read as a n. p. p., used adverbially: cf. the adverbial rétt ‘precisely’ in l. 3. It is tempting to read these two words, with Konráð Gíslason (1860b, 333 n. 1), as a cpd equivalent to hugaðsmôlum. Finnur Jónsson (Skj B) actually supplies the latter form (spelt hugaz-môlum), assigning it the meaning fortroliger aftaler ‘confidential arrangements’, but there is no ms. support for making the first constituent gen. Cf. Noreen (1923, 41), and Sahlgren (1927-8, I, 177-8).