Nefndr vas, ungr sás efndi,
ýta vǫrðr, í Gǫrðum,
œski-Baldr, við aldir,
Ôleifr fyr mér, stála.
Eldstøkkvir sásk ekki
(ǫll hugði vel snjǫllum)
hafs nema hilmi jǫfra
(heimsbyggð syni Tryggva).
Œski-Baldr stála, vǫrðr ýta, sás ungr efndi við aldir í Gǫrðum, vas nefndr Ôleifr fyr mér. Hafs eldstøkkvir sásk ekki nema hilmi jǫfra; ǫll heimsbyggð hugði vel snjǫllum syni Tryggva.
The wishing Baldr of steel weapons [WARRIOR], guardian of men [RULER], who, [when] young, performed [deeds] against men in Russia, was named to me [as] Óláfr. The dispenser of the fire of the sea [(lit. ‘fire-dispenser of the sea’) GOLD > GENEROUS MAN] feared nothing except the ruler of princes [= God]; all the peopled world thought well of the valiant son of Tryggvi [= Óláfr].