Síðan tók Eiríkur son hans til orða: "Við marga hafið þér heit góð en
misjafnt þykir út seljast.
Afterwards Eirik his son took to words (spoke - but sounds more formal)
"With/to many you have promised good (things) but unevenly it turns out (he's all talk)
 
Er þetta hin torveldlegasta för því að víkingur
sjá er harður og illur viðureignar. Munt þú þurfa að vanda til ferðar þessar
bæði skip og menn."
this is a most difficult journey because that Viking (pirate) is hard and difficult/dangerous in (his) dealings. You will need to choose carefully both ship and men"
 
Þráinn mælti: "Þó skal nú fara að ferðin sé eigi rífleg."
Thrain spoke ""I shall go now even though the journey (seems to) be not desirable (Z)
 
Síðan fékk jarl honum fimm sip og öll vel skipuð.
After that  the Earl gets him five ships and all well manned/equipped
 
Með Þráni var Gunnar
Lambason og Lambi Sigurðarson. Gunnar var bróðurson Þráins og hafði komið
til hans ungur og unni hvor öðrum mikið.
With Thrainwas Gunnar Lambi's son, and Lambi Sigurd's son . Gunnar was (A) brother's-son to Thrain and had come to him (while he was) young and each loved the other dearly 
 
Eiríkur jarlsson gekk til með þeim
og hugði að mönnum og vopnaafla og skipti þar um er honum þótti þurfa.
Eirik the Earl's son went with them to attend to the crew and procuring of weapons and ordered them where he thought there was need
(I am not sure - suppose he was making sure that things had a good start)
 
Síðan er þeir voru búnir fékk Eiríkur þeim leiðsögumann.
Afterwards - when they were ready Eirik got them a pilot (way-telling-Man)
 
Sigldu þeir þá suður með landi.
That sailed home by the land (parallel to the shore) 
 
En hvar sem þeir kæmu við þá heimilaði ja
þeim slíkt er þeir þyrftu að hafarl 
and where ever they came  the Earl gave them the right
to what ever they needed
 
Þeir héldu austur til Ljóðhúsa. Þar
spurðu þeir að Kolur var farinn suður til Danmerkur.
They held east to Lodose (?) There they learned that Kol had gone south to Denmark
 
Héldu þeir þá suður
þangað. En er þeir komu suður til Helsingjaborgar fundu þeir þar menn á báti
og sögðu þeir að þar var Kolur fyrir og mundi þar dveljast um hríð.
They held south from there, and when they came to Helsingborg they saw some men in a boat who said that Kol was there ahead of them and would be staying some time.
 
Veðurdagur var góður.
The Day's weather was good
 
Þá sá Kolur skipin er að fóru og kvað sig dreymt hafa
Hákon jarl um nóttina og kvað þetta vera mundu menn hans og bað alla menn
sína taka vopn sín.
Then Kol saw the ships approaching him and announced that Earl Hakon had appeared to him in a dream in the night and de declared that ese would be his (the Earl's ) men and asked all his men to take up their weapons
 
Síðan bjuggust þeir við og tekst þar orusta.
After that  they prepared themselves (got lined up) and a battle took place
 
Berjast
þeir lengi svo að eigi verða umskipti.
They fought for a long time so that there was no change (to no one's advantage) 
 
Kolur hljóp þá upp á skip Þráins og
ruddist um fast og drepur margan mann. Hann hafði gylltan hjálm.
Kol leapt up onto Thrain's ship caused havoc and kills many men. He had/wore a Golden helmet
 
Nú sér
Þráinn að eigi mun duga, eggjar nú mennina með sér en hann gengur sjálfur
fyrstur og mætir Kol.
Now Thrain notices this will never serve - and urges on those men with him,
but he goes to meet Kol himself [Come along lad's follow ME]
 
Kolur höggur til hans og kom í skjöldinn Þráins og
klauf ofan skjöldinn.
Kol thrusts towards him and it hit onto Thrains shield and split down the Shield
 
Þá fékk Kolur steinshögg á höndina. Féll þá niður
sverðið.
Then (fortunately for Thrain perhaps) Kol takes a blow with a stone  on the hand - and drops the sword to the ground (deck)
 
Þráinn hjó til Kols og kom á fótinn svo að af tók. Eftir það drápu
þeir Kol. Hjó Þráinn höfuð af honum en steypti búkinum fyrir borð en
varðveitti höfuðið.
Thrain struck at Kol and it (the blow) came  upon his foot which was cut off. After that they killed Kol
Thrain cut off Kol's head and hurled his remains over the side but kept the head
(as evidence)
 
Well that's that -  I am not by any means pleased with it
I hope for any Critique/advice if possible
Patricia