Translation follows. Thanks for everyone's insights regarding the previous passages.
Ólafur fór utan um sumarið og kemur skipi sínu við Hörðaland.
Olaf went out of Iceland during the summer and took his ship to Hordaland. (Z. koma 3 - with dat. of the object, to make to come, to take, bring, carry)
Þar bjó sá maður skammt á land upp er hét Geirmundur gnýr, ríkur maður og auðigur og víkingur mikill.
There lived that man a short distance up on land who was named Geirmund din, a rich man and wealthy and a great Viking.
Ódældarmaður var hann og hafði nú sest um kyrrt og var hirðmaður Hákonar jarls hins ríka.
He was a rough (literally, ungentle or uneasy) man and had now settled himself to rest and was a king's man of Earl Hakon the mighty. (Z. setja 12 - s. um kyrrt, to settle oneself to rest.)
Geirmundur fer til skips og kannast brátt við Ólaf því að hann hafði heyrt hans getið.
Geirmund travels to the ship and soon makes his acquaintance with Olaf because he had heard mention of him(?).
Geirmundur býður Ólafi til sín með svo marga menn sem hann vildi.
Geirmund invites Olaf to his (place) with so many men as he wanted.
Það þiggur Ólafur og fer til vistar með sétta mann.
Olaf accepts that and goes to stay with the sixth man (i.e., as part of a party of six).
Hásetar Ólafs vistast þar um Hörðaland.
Olaf's oarsmen stayed there at Hordaland.
Geirmundur veitir Ólafi vel.
Geirmund treats Olaf well.
Þar var bær risulegur og margt manna.
Stately houses were there and many men.
Var þar gleði mikil um veturinn.
There was much merriment during the winter.
En er á leið veturinn sagði Ólafur Geirmundi deili á um erindi sín, að hann vill afla sér húsaviðar, kvaðst þykja mikið undir að hann fengi gott viðaval.
And when the winter is passed Olaf told Geirmund (the) distinctive features concerning his business, that he will procure (for) himself house-timbers, said for himself he thinks it of great importance that he get good picked-wood. (Z. þykkja 2 - e-m þykkir mikit undir e-u, one thinks it of great importance)
Geirmundur svarar: "Hákon jarl á besta mörk og veit eg víst ef þú kemur á hans fund að þér mun sú innan handar því að jarl fagnar vel þeim mönnum er eigi eru jafnvel menntir sem þú Ólafur ef hann sækja heim."
Geirmund answers: "Earl Hakon has the best forest and I know surely if you come to meet him that to you would that in hands (?) because (the) Earl receives with good cheer those men who were not equally accomplished as you, Olaf, if he comes to see him. (Z. skja 2 - s. e-n heim, to come to see one)
Um vorið byrjar Ólafur ferð sína á fund Hákonar jarls.
During the spring, Olaf began his journey to a meeting with Earl Hakon. (Z. byrja 3 - (3) to enter upon, begin b. ferð sína, to begin one's journey)
Tók jarl við honum ágæta vel og bauð Ólafi með sér að vera svo lengi sem hann vildi.
(The) Earl received him exceedingly (?) well and invited Olaf to be with him so long as he wanted.
Ólafur segir jarli hversu af stóðst um ferð hans: "Vil eg þess beiða yður herra að þér létuð oss heimila mörk yðra að höggva húsavið."
Olaf says to (the) Earl how the matter stood as to his journey: "I will ask this to you, lord, that you give us permission to your forest to cut down house-timbers. (Z. standa 16 - svá stenzt af um ferð mína, the matter stands so as to my journey)
Jarl svarar: "Ósparað skal það þótt þú fermir skip þitt af þeim viði er vér munum gefa þér því að vér hyggjum að oss sæki eigi heim hversdaglega slíkir menn af Íslandi."
(The) Earl answers: "Unsparingly shall I (grant) that even though you load your ship with the wood that we would give you because we believe that not visited us every day such men from Iceland. (Z. heim, adv. home, homewards; skja e-n h., to visit one)
En að skilnaði gaf jarl honum öxi gullrekna og var það hin mesta gersemi, skildust síðan með hinum mesta kærleik.
And at (their) parting, the Earl gave him a ax inlaid with gold and that was a very costly treasure; (they) parted on great friendly terms.
Geirmundur skipar jarðir sínar á laun og ætlar út til Íslands um sumarið á skipi Ólafs.
Geirmund assigns his lands secretly and intends (to go) out to Iceland during the summer on Olaf's ship. (Z. laun - á (or með) laun, secretly)
Leynt hefir hann þessu alla menn.
He has concealed this (from) all men/people.
Eigi vissi Ólafur fyrr en Geirmundur flutti fé sitt til skips Ólafs og var það mikill auður.
Olaf didn't know previously than Geirmund carried his possessions/wealth to Olaf's ship and that was much wealth.
Ólafur mælti: "Eigi mundir þú fara á mínu skipi ef eg hefði fyrr vitað því að vera ætla eg þá munu nokkura á Íslandi að betur gegndi að þig sæju aldrei.
Olaf spoke: "You would not travel on my ship if I had previously known because I was thinking (that) then would some in Iceland to (be) better suited that never see you.
En nú er þú ert hér kominn við svo mikið fé þá nenni eg eigi að reka þig aftur sem búrakka."
But now you have (literally, "are") come here with so much property/treasure then I cannot bear that (I) drive you back like a farm dog. (Z. nenna - ek nenni eigi at, I cannot bear that) (Z. reka 1 - r. aptr, to drive back)
Geirmundur
segir: "Eigi skal aftur setjast þótt þú sért heldur stórorður því
að eg ætla að fá að vera yðvar farþegi."
Geirmund says: "(I) shall not be left behind even though you are rather high-sounding because I intend to get to be your passenger. (Z. setja 11 - s. e-n eptir, to leave one behind)