I think I'll stick with "Cut the shark meat into roughly one-inch cubes, dip in egg, dust with fine corn meal, deep fry in canola oil until golden brown."

Icelanders (and other people who live where the sun doesn't shine half the year) have too much time on their hands, so they come up with weird things to do with fish and, somehow, convince themselves that they've created something delicious. After all, if it takes the better part of a year to create, it has to be be good, even if it tastes like week-old snot.