These lines may be thus interpreted:—

The ditty points to the fact that Snorri had given Audgisl Thorarinson a "chased axe" (one trick), and that, at Snorri's secret behest, Audgisl was now on the eve of taking the hood-owner's (Thorgils Hallason's) life (two). This, the hood says, it knows, though at most times it is 'dry.' 'Dry' here seems clearly to stand in the sense of 'clear of,' 'free from,' expers, immunis; practically, ignorant. At most times the hood is ignorant of such 'tricks' threatening Thorgils' life, though now it knows of one, even two. With this use of 'Ðurr,' cf. Sturlunga² ii. 227₃₇—"Um sum illvirki Þeirra er Þat sumum mÖnnum eigi tvÍmÆlis-laust, hvÁrt ÞÉr muniÐ Þurt hafa um setiÐ allar vitundir" = "As to some misdeeds of theirs, it is to some men (a matter) not free from double speech whether you will have sat (by) 'dry' of all knowledge (i.e. complicity) therein," i.e., concerning certain of their misdeeds some persons will have their doubts as to whether you be 'clear of' all complicity therein.

Of course it is Thorgils' 'Fylgja' (Fetch) that speaks through the cloak.