The inscription is classified as being carved in runestone style RAK, which is the classification used for text bands that have straight ends and do not have any attached serpent or beast heads.
[1] The runic text, which is damaged at the beginning, indicates that the stone is a memorial to a man named Drengr who was the son of a man possibly named Eygeirr, and that the person or persons who sponsored the stone and Drengr were members of a guild.
This is one of four runestones that mention guilds in Viking Age Sweden, the others being U 379 in Kyrkogården, U 391 in Prästgatan, and Ög 64 in Bjälbo.
[2] One scholar has suggested that the image of the ship may have been a type of heraldic badge or symbol of the guild that raised the stone.
: ...---a : oliʀ : ristu : stin : þins- : (i)f(t)iʀ * (t)rik * (a)ukis : sun : kilta : sin :... {} Alveʀ/Ølveʀ {} ræistu {} stæin {} þenns[a] {} æftiʀ {} Dræng, {} Øygæiʀs(?)