Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 01/2004 |  | Andri Björnsson | DF | |||
| 01/2004 | | Einar Antonsson | MF | |||
| 01/2004 | | Ingi Ingibergsson | MF |  | Freyr | Freyr |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 01/2004 | | Jón Guðbrandsson | FW |  | Víkingur Reykjavík | Víkingur |
UMF Selfoss
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 01/2004 | | Andri Björnsson | DF | |||
| 01/2004 | | Einar Antonsson | MF | |||
| 01/2004 | | Ingi Ingibergsson | MF | | Freyr | Freyr |
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 01/2004 | | Jón Guðbrandsson | FW | | Víkingur Reykjavík | Víkingur |