Jǫrð rétt vígi at varða
vígreifr fyr Ôleifi;
brauzt við bragning nýztan
bág; þat kveðk mik frôgu.
Fyrr gekkt á stað Stiklar
stór verk, en óð merki;
satts, at sókn of veittir
snjallr, unz gramr vas fallinn.
Vígreifr, rétt at varða jǫrð vígi fyr Ôleifi; brauzt bág við nýztan bragning; þat kveðk mik frôgu. Fyrr gekkt stór verk á Stiklarstað, en merki óð; satts, at of veittir snjallr sókn, unz gramr vas fallinn.
War-cheerful, you set about defending the land with war against Óláfr; you raised hostility against the most excellent king; I declare that I heard that. Before, you achieved great deeds at Stiklestad, and the standard surged; it is true that you kept up the attack, brave, until the king had fallen.
[8] snjallr ‘brave’: This is taken as applying to Kálfr, the addressee of the 2nd pers. verb veittir ‘you kept up’ (l. 7), just as vígreifr ‘war-cheerful’ (l. 2) qualifies the 2nd pers. rétt ‘you set about’ (l. 2). Snjallr could alternatively qualify gramr ‘the king’ in l. 8 (so Hkr 1991).