[2] He missed half of the 1995–1996 season due to back injures[3] but had a strong finish, averaging 10.7 points while shooting 40.9% from the three-point range in the last 11 games.
[1] After back injuries forced him to miss all of the 1996–1997 season,[4] Ólafur signed with KFÍ during the summer of 1997.
[5] He helped KFÍ reach the Icelandic Cup finals in 1998 after scoring 21 points in a victory against Njarðvík in the semi-finals.
[7] He returned to KR in 1999 after two season with KFÍ and led them to the national championship in April 2000 for the first time in 10 years.
[9] In 2001 he was named the Úrvalsdeild Domestic Player of the Year after averaging 20.2 points and 6.0 rebounds per game.