Askeladd withdraws temporarily from the war against England. While searching for a new source of income, he encounters a skirmish among the Franks and hatches a plot to steal their treasure. Askeladd sends 16 years old Thorfinn, who has grown up into a cold-hearted Viking, ahead as a messenger.

After capturing the treasure from the Franks, Askeladd's men return to the village of Gorm on the Jutland Peninsula in Denmark to pass the winter. Thorfinn challenges Askeladd to a duel as a reward for bringing him the head of the captain of the clan of Franks. Even though Thorfinn has grown in skill through his experience in battle, he is still no match for Askeladd.

In October 1013, King Sweyn leads a fleet of Danish and Viking ships in an attempt to take London Bridge of England. Askeladd's army, hired by the army of Denmark, was among them. However, after the betrayal of Thorkell the Tall, a Viking known for his overpowering strength, London Bridge has become impregnable. Askeladd tells Thorfinn he'll reward him with a duel if he's able to kill Thorkell.

Askeladd crosses the river and escapes from Thorkell into Wales with Canute. However, Askeladd’s men are ambushed by a group of soldiers hiding behind the boulders at the border of the kingdom of Brycheiniog. Askeladd attempts to negotiate with their messenger and reveals his plan.

After losing Canute, Thorkell decides to halt his advance in central England. Thorkell hears that the end of the war between Denmark and England is near, and bemoans the end of the war. However, he later gets wind of an interesting piece of news.

Thorfinn suffers a serious injury in his fight against Thorkell. Thorfinn is told to think about what he has to do to beat Thorkell. Askeladd treats Thorfinn’s wounds so that he may fight again someday, and proposes a joint strategy to help the two of them survive longer.

Canute’s party arrives in York to attend the Imperial Council. Although Canute had wanted to strike out against King Sweyn, the King was being guarded by the most powerful Jomsviking unit in the Northern Sea while keeping a close eye on Canute. With the situation strained to the breaking point, Askeladd comes up with a plan. Meanwhile, Thorfinn is reunited with a person who knew his former self.

After the assassination attempt on Canute’s life, rumors spread through York saying that the king is trying to kill Canute. As a result, the king is unable to issue any orders that would put Canute in harm, and Askeladd is pleased that everything is proceeding as planned. However, the tables turn when King Sweyn speaks. Meanwhile, Thorfinn is sent to prison as punishment for disturbing the peace.

Askeladd comes forth before King Sweyn and implores him to halt his invasion of Wales. Meanwhile, Thorfinn decides to return home at Leif’s urging. However, the moment before he boards the ship, Thorfinn catches a glimpse of a single tern taking off into the sky...

After the sudden turn of events, young Canute must rise up to claim the throne to a kingdom much reduced and under attack.

Finally, after three long years, Einar and Thorfinn chop down the final tree in the forest. With hope in their hearts, they talk about the future.

Olmar feels insulted by Canute's messenger and, encouraged by his older brother Thorgil, takes matters into his own hands.

After returning home to his farm, an exhausted Ketil starts searching for Arnheid, only to find out what happened in his absence.

The battle has left heartbreaking casualties in its wake. Though Thorgil and Ketil's wife want to continue the fight, Canute demands their surrender.

Thorfinn and Einar have said their piece, but Canute stubbornly refuses to give up Ketil's Farm. Then, Thorfinn breaks the standoff with a decision.