> Veitk Eysteins
> enda folginn
> lokins lífs
> á Lófundi,

Okay, here goes my first guess: "I know [that] the ending of
Eysteinn´s concluded life [was] hidden in [the district of]
Lófund." -- i.e. I know that E.´s life ended in Lófund.

> Bjarni Aðalbjarnarson interpreted: "ég veit, að endi örlagaþráðar

Eysteins

> var falinn á Lófundi"

"I know that the end of Eysteinn's thread-of-fate [the thread of
Eysteinn's fate/life] was hidden in Lófund."

> Finnur Jónsson translated simply: "Jeg ved, at Østens liv

avsluttedes på

> Lofund."

"I know that E.'s life concluded in L."

> Samuel Laing "translated":
>
> For a long time none could tell
> How Eystein died -- but now I know
> That at Lofond the hero fell;
> The branch of Odin was laid low,

The "but now I know" makes me think that Laing maybe
read 'loksins' "at last, finally" instead of 'lokins' -- which FOR
NOW I'm assuming is a tautological past participle from 'lúka'.

Llama Nom