At some point during his reign, he is known to have granted certain commercial rights and protections to the monks of Holm Cultram Abbey. At one point he granted rights to the priory of Whithorn concerning two churches on Mann (St Ninian at Ballacgniba and St Ronan), and at another point granted the priory of St Bees sixty head of cattle or the equivalent value in sheep or swine. Óláfr's 1228 letter to Henry reveals that Óláfr involved himself with mercantile activity.