In the start of the song you can hear a bell like 
sound. Try to recreate this with harmonics on the 
12th fret of the high e-string. 
(Kjartan uses a sort of device to make this sound)

Throughout the whole song the same chords go over 
and over, except in the climax.

Play these chords for the basic progression:

  E  Dadd9  C#m7  Asus2

At first J?onsi, plays some harmonics over the 7th fret, 
and all over the guitar (with his bow). 
Just improvise like he does. The intro will 
then be like this:

(on the low e-string, as usual)

|E-|-14-|-15-|-14-|-12-| two times
except the second time, it ends on a B note |-19-|

The timing is easy to catch, listening to the record.

E            Dadd9    C#m7    Asus2      
?g er kominn aftur (? n?) inn ? ?ig 
     E               Dadd9     C#m7           Asus2   
(?a? er) svo gott a? vera (h?r til) en stoppa stutt vi?
E          Dadd9       C#m7      Asus2        
?g fl?t um ? ne?ansj?var h??i (? h?teli)  
E           Dadd9        C#m7       Asus2 
beintengdur vi? rafmagnst?fluna (og n?rist)
  
  E  Dadd9  C#m7  Asus2 
tju         tju            (two times)

E        Dadd9       C#m7        Asus2
en bi?in gerir (mig lei?an) brot h?ttan 
E      Dadd9         C#m7          Asus2
sparka fr? m?r (og kall ?) ver? a? fara hj?lp
 

 E  Dadd9  C#m7  Asus2
tju tju    tju   tju    (8 times)   
bm              A         E
?g spring ?t og fri?urinn ? loft upp
E  Dadd9    C#m7  Asus2
(ba?a?ur    n?ju  ljosi
E             Dadd9  C#m7 Asus2
?g gr?t og ?g gr?t   aftengdur)
E       Dadd9 C#m7  Asus2
?n?ttur heili settur ? brj?st
E     Dadd9 C#m7     Asus2
og mata?ur af svefn-g-englum

 E  Dadd9  C#m7  Asus2
tju tju    tju   tju          

The chords:
 
   E  Dadd9 C#m7 Asus2 Bm   A
|e-0---0-----0-----0----2---0-|
|B-0---3-----0-----0----3---2-|
|G-4---2-----6-----2----4---2-|
|D-6---4-----2-----2----4---2-|
|A-7---5-----4-----0----2---0-|
|E-0---?-----?-----?----?---?-|

if you want it easier, just play the
normal Dadd9 and C#m7 chords.

 Dadd9  C#m7
|e-0(2)--4----
|B-3(5)--5----
|G-2-----6----
|D-0-----6----
|A-?-----4----
|E-?-----?----