Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 05/1998 |  | Ian Paul McShane | MF | |||
| 05/1998 | | Scott Ramsey | MF |  | Stranraer FC | Stranraer FC |
| 03/1998 |  | Björn Skúlason | DF | |||
| 01/1998 |  | Ray Jónsson | DF |  | GG Grindavík | GG Grindavík |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 02/1998 | | Ólafur Bjarnason | MF |  | Malmö FF | Malmö FF |
| 01/1998 | | Leifur Guðjónsson | FW | | GG Grindavík | GG Grindavík |
| 01/1998 | | Ólafur Ingólfsson | FW |  | Keflavík ÍF | Keflavík |