Orms felli drakk allan
alkostigr fen hrosta
— rausn drýgði þá ræsir —
Rǫgnvalds niðr í gǫgnum.
Alkostigr niðr Rǫgnvalds drakk fen hrosta í gǫgnum allan felli orms; ræsir drýgði þá rausn.
The excellent descendant of Rǫgnvaldr [= Þorfinnr] drank the swamp of malt [ALE] through all the serpent’s slayer [WINTER]; the ruler practised bounty then.
[3] drýgði: so R702ˣ, 325III β, 743ˣ, dugði 48ˣmarg
[3] ræsir drýgði rausn ‘the ruler practised bounty’: Or, as suggested by the Context, ‘practised splendid hospitality’. The variant rausn dugði ræsis ‘the ruler’s bounty availed/was fitting’ would also make good sense, praising Þorfinnr (the ræsir) by means of understatement.