Ægir primarily conducted patrols, search and rescue, fishery inspections, general law enforcement and counter-terrorism operations in the Icelandic exclusive economic zone.

The ship is 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).

[citation needed] Among other weapons equipped include net cutters, which the Icelandic Coast Guard used during the Cod Wars.

[1][2] Ægir primarily conducts patrols, search and rescue, fishery inspections, general law enforcement and counter-terrorism operations in the Icelandic exclusive economic zone (EEZ).

Traditionally other European nations, including the United Kingdom and West Germany fished in the area for cod.

In the late 1950s, Icelandic Coast Guard ships attempted to drive off fishing trawlers which led escalation and the intervention of the British Royal Navy.

After each shot, Ægir waited until the engineer of Everton inspected the damage, which Mussell then reported to the Coast Guard ship, before commencing shooting.

[13] In 2004, declassified documents showed that the incident nearly caused an escalation of the dispute as Captain Jock Slater of Jupiter had requested permission from London to fire at Ægir if it was still attempting to seize Everton upon its arrival.

By the evening of the day, officials in London seriously discussed ordering Ægir to be seized by any means necessary but did not follow through due to the repercussions those actions could bring, mainly the potential loss of life, as the Coast Guard crew was unlikely to give the ship up without a fight, and the likelihood of Iceland abandoning NATO as a response.

[6][9] Following the final collision, the 2nd engineer on Týr, Halldór Hallfreðsson, died in an accident while working on repairs,[16] becoming the only fatality of the Cod Wars.

The Icelandic government threatened to break off diplomatic ties with the United Kingdom, which led to the withdrawal of Royal Navy vessels from the area on 3 October.

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.

[1] On 1 November 2020, the Icelandic Central Public Procurement agency Ríkiskaup announced that Ægir will be auctioned because of its age and prolonged inactivity in the recent years.

[21][22] Ríkiskaup opened an online platform that allowed people to submit suggestions about the future of the vessel and the deadline was set for 6 January 2021.