The vessels conduct patrols, search and rescue, fishery inspections, general law enforcement and counter-terrorism operations in the Icelandic exclusive economic zone and the waters of the surrounding territories, such as Greenland and Jan Mayen.

Rear Admiral Pétur Sigurðsson, commander of the ICG, set forth a requirement for a ship larger than both Þór and Óðinn and more seaworthy.

The two ships are powered by two MAN 8L 40/54 diesel engines turning two shafts with Kamewa controllable pitch propellers rated at 9,800 kilowatts (13,200 hp).

Other weapons include net cutters, which the Icelandic Coast Guard used during the Cod Wars.

[2] The ICG uses the vessels to conduct patrols search and rescue, fishery inspections, general law enforcement and counter-terrorism operations in the Icelandic exclusive economic zone.

In 2005, Ægir underwent a refit in Poland that improved the bridge and accommodations along with the installation of in-flight refuelling equipment for the helicopters.