Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 05/2003 |  | Ragnar Gunnarsson | MF | |||
| 01/2003 | | Jóhann Sigurðsson | GK | |||
| 01/2003 | | Ómar Valdimarsson | DF |  | Fylkir Reykjavík | Fylkir |
| 01/2003 | | Ingólfur Þórarinsson | FW |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 01/2003 | | Ingi Ingibergsson | MF |  | Freyr | Freyr |