Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 07/2005 |  | Leifur Guðjónsson | FW |  | GG Grindavík | GG Grindavík |
| 07/2005 |  | Scott Ramsey | MF |  | Keflavík ÍF | Keflavík |
| 05/2005 |  | Robert Niestroj | MF |  | SG Sachsen Leipzig | Sachsen Leip. |
| 05/2005 |  | Mounir Ahandour | FW | |||
| 04/2005 | | Mathias Jack | DF | | SG Sachsen Leipzig | Sachsen Leip. |
| 04/2005 | | Michael Zeyer | MF | |||
| 01/2005 | | Viktor Sigurjónsson | ||||
| 01/2005 | | Andri Albertsson | DF |  | Þór Akureyri | Þór |
| 01/2005 | | Alexander Þórarinsson | MF | |||
| 01/2005 | | Magnús Þorsteinsson | FW | | Keflavík ÍF | Keflavík |
| 01/2005 | | Milan Jankovic | MA | | Keflavík ÍF | Keflavík |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 06/2005 | | Jóhann Aðalgeirsson | MF | | GG Grindavík | GG Grindavík |
| 01/2005 | | Albert Sævarsson | GK |  | B68 Toftir | B68 |
| 01/2005 | | Gestur Arnar Gylfason | DF | | Keflavík ÍF | Keflavík |
| 01/2005 | | Heiðar Aðalgeirsson | MF | | GG Grindavík | GG Grindavík |