There was a man called Gudleik Gerske, who came originally from Agder. He was a great merchant, who went far and wide by sea, was very rich, and drove a trade with various countries. He often went east to Gardarike (Russia), and therefore was called Gudleik Gerske (the Russian). This spring (A.D. 1017) Gudleik fitted out his ship, and intended to go east in summer to Russia. King Olaf sent a message to him that he wanted to speak to him; and when Gudleik came to the king he told him he would go in partnership with him, and told him to purchase some costly articles which were difficult to be had in this country. Gudleik said that it should be according to the king's desire. The king ordered as much money to be delivered to Gudleik as he thought sufficient, and then Gudleik set out for the Baltic. They lay in a sound in Gotland; and there it happened, as it often does, that people cannot keep their own secrets, and the people of the country came to know that in this ship was Olaf the Thick's partner. Gudleik went in summer eastwards to Novgorod, where he bought fine and costly clothes, which he intended for the king as a state dress; and also precious furs, and remarkably splendid table utensils. In autumn (A.D. 1017), as Gudleik was returning from the east, he met a contrary wind, and lay for a long time at the island Eyland. There came Thorgaut Skarde, who in autumn had heard of Gudleik's course, in a long-ship against him, and gave him battle. They fought long, and Gudleik and his people defended themselves for a long time; but the numbers against them were great, and Gudleik and many of his ship's crew fell, and a great many of them were wounded. Thorgaut took all their goods, and King Olaf's, and he and his comrades divided the booty among them equally; but he said the Swedish king ought to have the precious articles of King Olaf, as these, he said, should be considered as part of the scat due to him from Norway. Thereafter Thorgaut proceeded east to Svithjod. These tidings were soon known; and as Eyvind Urarhorn came soon after to Eyland, he heard the news, and sailed east after Thorgaut and his troop, and overtook them among the Swedish isles on the coast, and gave battle. There Thorgaut and the most of his men were killed, and the rest sprang overboard. Eyvind took all the goods and all the costly articles of King Olaf which they had captured from Gudleik, and went with these back to Norway in autumn, and delivered to King Olaf his precious wares. The king thanked him in the most friendly way for his proceeding, and promised him anew his favour and friendship. At this time Olaf had been three years king over Norway (A.D. 1015-1017).
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