Suðr vátt sigr inn þriðja,
snjallr, við borg, þás kalla,
lofðungs kundr, es lenduð
Lizibón, at fróni.
Snjallr kundr lofðungs, vátt inn þriðja sigr suðr við borg, þás kalla Lizibón, es lenduð at fróni.
Courageous descendant of the sovereign, you won the third victory south near the city they call Lisbon when you came ashore.
 vátt inn þriðja sigr ‘you won the third victory’: In the phrase vega sigr the verb vega ‘fight, attack, kill’ (vátt is 2nd pers. sg. pret. indic.) means ‘win’. Vannt inn þriðja sigr ‘you won the third victory’ (so E, Mork) is also a possible reading. If vann (3rd pers. sg. pret. indic.) ‘won’ (so J2ˣ, 42ˣ, H, Hr) is adopted, snjallr kundr lofðungs ‘courageous descendant of the sovereign’ (ll. 2, 3) is the subject of this verb and not a form of address.
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