There are seven exhibitions at the museum displaying Icelandic maritime history from the early settlements to the late 20th century.

The museum focuses on the history of fishing in Iceland but also displays temporary exhibitions related to the sea.

In 1959, BÚR (Reykjavik Municipal Fishing Company) bought the plant, and it became one of the largest processors of redfish fillets.

The building was extensively renovated and, in 2002, the Reykjavík City Council formally established it as a maritime museum.

The ship is secured to the pier next to the museum and has been made accessible for guests to visit in guided tours.

[1] There are three permanent exhibitions in the museum: The History of Sailing, From Poverty to Abundance, and The Coast Guard Vessel Óðinn.

[2] This exhibition recounts Iceland's maritime history and the growth of Reykjavík Harbor which was a natural haven.

Óðinn took part in the three Cod Wars[4] where the most effective and famous weapon was the trawl warp cutter, which is displayed on the afterdeck.