Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 01/1995 |  | Ármann Harðarson | GK | |||
| 01/1995 | | Björn Skúlason | DF | |||
| 01/1995 | | Ólafur Bjarnason | MF | |||
| 01/1995 | | Óli Stefán Flóventsson | MF | |||
| 01/1995 |  | Zoran Ljubicic | MF |  | ÍB Vestmannaeyjar | ÍBV |
| 01/1995 | | Tómas Ingi Tómasson | FW |  | KR Reykjavík | KR |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 01/1995 | | Sigurður Sigursteinsson | DF |  | UMF Skallagrímur | UMF Skallagrímur |
| 01/1995 | | Ingi Sigurðsson | MF | | ÍB Vestmannaeyjar | ÍBV |