On 14 January 2008 in front of 180 members in Leirvik, the merger was decided with the temporary name of a combination of the previous clubs: GÍ/LÍF.

They went out of the Faroe Islands Cup at the first hurdle, the match against 07 Vestur was 1–1 after extra time and lost 4–2 in a Penalty shoot-out.

In the Faroese Cup, they recorded a 5–0 win in the first round against MB Midvagur, in quarter-final Víkingur knocked out HB Torshavn defeating them 2–1.

In 2010, Víkingur made it to the semi-finals of the Faroese Cup, but missed out on a place in the final for a second year running after being beaten by rivals ÍF Fuglafjørður over two legs.

Víkingur finished 3rd in the 2011 league season, and were knocked out in the quarterfinals of the Faroese Cup against B68 Toftir, 4–2 on penalties after a 2–2 draw.

The team played in UEFA Europa League for 2012–13 season, but was eliminated in the first qualifying round by Gomel of Belarus.

But the great success of the season was reach the 3rd qualifying round of UEFA Europa League, when they eliminated FC Daugava of Latvia and Tromsø of Norway, being knocked out by Rijeka of Croatia.

Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.