Ok nú fara þeir útan heðan, ok fersk þeim vel,
and - now - travel - they - abroad - from here - and - fares - to them - well
And so they sailed away from Iceland, and their journey went well,
 
ok var Auðun of vetrinn eptir með Þóri stýrimanni;
and - was - Auðun - over - the winter - (with vera) to remain behind - with - Þórir - shipcaptain
and Audun spent the winter with Thorir the skipper;
 
hann átti bú á Moeri. 
he - owned - a farm - in - Moeri
who owned a farm in Moray.  [in the Orkneys, I presume?]
 
Ok um sumarit eptir fara þeir út til Groenlands,
and - in - the summer - following - travel - they - out - to - Groenland
The next summer they sailed to Greenland,
 
ok eru þar of vetrinn. 
and - are - there - over - the winter
and spent the winter there.
 
Þess er við getit, at Auðun kaupir þar bjarndýri eitt,
of this - it is - concerning - told - that - Auðun - bought - there - a bear - a certain
Concerning this (visit), it is told that Audun bought a certain bear there,
 
gørsimi mikla, ok gaf fyrir alla eigu sína. 
treasure - great - and - gave - for it - all - owned - he
a great treasure, for which he gave everything he owned.
 
Ok nú of sumarit eptir fara þeir aptr til Nóregs,
and - now - over - the summer - following - travel - they - back - to - Norvegr
And so the following summer they sailed back to Norway,
 
ok verða vel reiðfara.
and - takes place - well - a journey/passage
and had a good voyage.