Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 07/2003 |  | Boban Savič | GK |  | Rapid Bucureşti | R. Bucureşti |
| 07/2003 |  | Mathias Jack | DF |  | Hibernian FC | Hibernian FC |
| 07/2003 |  | Jerry Brown | FW |  | Vejle BK | Vejle BK |
| 06/2003 |  | Jóhann Aðalgeirsson | MF |  | Sindri Höfn | Sindri Höfn |
| 05/2003 |  | Lee Sharpe | MF | |||
| 02/2003 | | Ólafur Gottskálksson | GK |  | Brentford FC | Brentford |
| 01/2003 | | Þorsteinn Bjarnason | GK | |||
| 01/2003 | | Óðinn Árnason | DF |  | Þór Akureyri | Þór |
| 01/2003 | | Guðjón Ásmundsson | DF | |||
| 01/2003 | | Daníel Pálmason | MF | |||
| 01/2003 | | Jóhann Benediktsson | FW |  | Keflavík ÍF | Keflavík |
| 01/2003 | | Sveinn Steingrímsson | FW |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 11/2003 | | Mathias Jack | DF |  | Raith Rovers | Raith Rovers |
| 09/2003 | | Jerry Brown | FW |  | AC Horsens | Horsens |
| 06/2003 | | Atli Knútsson | GK |  | Deiglan | Deiglan |
| 03/2003 | | Jóhann Aðalgeirsson | MF | | Sindri Höfn | Sindri Höfn |
| 01/2003 | | Albert Sævarsson | GK |  | B68 Toftir | B68 |
| 01/2003 | | Heiðar Aðalgeirsson | MF | | Sindri Höfn | Sindri Höfn |
| 01/2003 |  | Scott Ramsey | MF |  | KR Reykjavík | KR |