þeim, es grundar grímu
gjaldseiðs ok vas faldinn,
— drótt man enn þann* — átti
áðr hans faðir ráða.
Gunnhættir kná grýttu
— gramr býr of þrek — stýra
— stórt ræðr hann, en hjarta
hvetr — buðlunga setri.
þeim, es faðir hans átti ráða áðr ok vas faldinn grímu gjaldseiðs grundar; drótt man þann* enn. Gunnhættir kná stýra grýttu setri buðlunga; gramr býr of þrek; hann ræðr stórt, en hjarta hvetr.
that one [kingdom] which his father ruled earlier, and was clad in the helmet of the compensation-pollack of the field [SERPENT = Fáfnir]; people remember that one still. The battle-darer [WARRIOR] governs the rocky seat of sovereigns [= Norway]; the lord is imbued with endurance; he rules mightily and his heart urges [him] on.