Here’s my translation

We´ve had this sort of opening several times before.

Alan

1. Frá Sigurði ok Illuga
1. About Sigurðr and Illugi.

Sá konungr hefir ráðit fyrir Danmörku, er Hringr hét. 
That king,, who was-call Hringr, has ruled (had authority, ráða fyrir e-u, Z1) over Denmark.

Hann var Skjaldarson, Dagssonar. 
He was [the] son of Skjöldr, son of Dagr.

Þessi Skjöldr barðist við Hermann, sem segir í sögu þeira. 
This Skjöldr fought against Hermann, as [it] says in their saga.

Hringr konungr var vitr maðr ok vinsæll ok mildr af fé ok inn mesti bardagamaðr. 
King Hringr (it does have a ring to it) was a wise person (man) and popular and liberal of wealth and the greatest warrior

Hann átti drottningu, er Sigríðr hét. 
He had a queen, who was called Sigríðr.

Hún var dóttir Vilhjálms konungs ór Vallandi. 
She was [the] daughter of King Vilhjálmr (William) out-of Valland (part of romano-celtic Europe, possibly Aquitaine, according to one source, Normandy to another)

Við henni átti hann þann son, er Sigurðr hét. 
With her he had that son, who was-called Sigurðr.

Hann var allra manna fríðastr ok at íþróttum bezt búinn. 
He was of all persons (men) most-handsome and best endowed (<búinn>, Z2) with accomplishments (skills).

Hann var blíðr við vini sína, örr af fé, en grimmr sínum óvinum.
He was friendly towards his friends, liberal of money, but grim (stern) with his enemies.

Sviði hefir karl nefndr verit. 
An old-man has been named Sviði.

Hann átti eitt garðshorn, harðla skammt frá konungshöllunni. 
He had a certain nook (corner)-of-a-courtyard (?), a very short-distance from the-king’s-hall

Hann átti kerlingu, er hét Hildr. 
He had (ie was married to) an old-woman, who was called Hildr.

Við henni átti hann einn son, er Illugi hét. 
With her he had one son, who was-called Illugi.

Hann var mikill vexti ok sterkr at afli, fimr var hann á alla leika. 
He was large in stature and great of physical-strength (ie strong), agile was he at all sports.

Faðir hans var kallaðr Sviði inn sókndjarfi. 
His father was called Sviði the valiant.

Sigurðr konungsson ok Illugi lögðu leika með sér. 
Sigurðr [the] king´s-son and Illugi arranged [?] games amongst themselves.

Átti Sigurðr marga leiksveina, ok bar hann langt af þeim, hvat sem þeir skyldu reyna, en Illugi vann hann í öllu. 
Sigurðr had many playmates, and he far surpassed them, whatever they should try (put-to-the-test), but Illugi got-the-better of him in everything.

Ok svá kom, at þeir sórust í stallbræðralag ok skyldi hvárr annars hefna, ef þeir væri með vápnum vegnir. 
And so [it] came [about], that they swore brotherhood by mutual oath (swore one another into fellowship, <sverja>, Z2), and each should avenge [the] other, if they were slain with weapons.

Var nú allkært þeira á milli.
Now [it] was very-dear between them (ie they were the best of pals).

2. Illugi banaði kveldriðu
2. Illugi killed a night-hag.

Björn hét maðr. 
[There) was a person (man) called Björn.

Hann var ráðgjafi konungs. 
He was a counsellor of [the] king.

Honum var allt illa gefit, er honum var sjálfrátt. 
To him all was badly given, which was within his power (either: (1) ‘Everything that was within his power was badly given (delivered) BY him (ie he was a untrustworthy adviser for the king)’ or, possibly: (2) ‘All power or authority invested in him was badly (ie ill-advisedly) given TO him’ (it was a mistake to make him the king’s adviser). (On the other hand, CV´s interpretation would be, I think, that ‘It was his own fault, that he proved himself bad.’ (close to my option 1) but I see that Lavender (2015) has a different translation again, but he is using a slightly different text.)

Hann var lyginn ok lymskr at öllu, en þó eigi at síðr var hann inn mesti kappi ok varði land konungs fyrir víkingum, ok því mat konungr hann mikils. 
He was deceitful (<lyginn>, CV) and cunning in all [respects], but still not [none-the-] less was he the greatest man-of-valour, and defended (<verja>, Z1) [the] land of [the] king against pirates (vikings) and for that [reason] [the] king valued him greatly.

Björn öfundaði þat mjök, at Illugi var svá kærr Sigurði konungssyni, ok svá kom, at hann rægði hann við þá feðga ok sagði Illuga vera ótrúan konungssyni. 
Björn envied that greatly, that Illugi was so dear to Sigurðr [the] king’s-son (dative), and so [it] came [about], that he slandered him directed-to those, [the] father-and-son and said Illugi to be unfaithful (disloyal) to [the] king’s-son.

Konungr hlýddi á þetta, en Sigurðr trúði því ekki. 
[The] king listened to (heeded) this, but Sigurðr believed that not.

Ferr nú svá fram um nokkura tíma, at Sigurðr konungsson er heima hjá föður sínum í mikilli sæmd ok virðingu. 
[It] goes (present) now thus forward for some time, that Sigurðr [the] king’s-son is at-home with his father in great honour and esteem.

Einn tíma bað Sigurðr föður sinn at fá sér skip ok menn ok segist vilja ór landi at afla sér fjár ok frægðar. 
One time Sigurðr bade his father to get him a ship[s] and persons (men) and said-of-himself to want [to go] out of [the] land (Denmark)to earn for himself wealth and renown.