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).