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| Tuesday, June 22nd , 1954 |
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| Designated LF Todd Verge for assignment. |
| Designated LF Marceau Lefebvre for assignment. |
| Designated RF Lazarz Boruch for assignment. |
| Promoted SP Dan Hulbert from Class B Iceland B to Class A Iceland A. |
| Promoted LF Ryan McAllister from Class C Iceland C to Class A Iceland A. |
| Promoted CL Balthazar Freitag from Class D Iceland D to Class B Iceland B. |
| Demoted LF Lance Benbow from Class A Iceland A to Class B Iceland B. |
| Promoted 3B Armend Zhugli from Class C Iceland C to Class B Iceland B. |
| Demoted C Noboru Tokaji from Class A Iceland A to Class B Iceland B. |
| Promoted LF Kent Boehmer from Class D Iceland D to Class C Iceland C. |
| Demoted SP Juan Salinas from Class C Iceland C to Class D Iceland D. |
| Demoted 2B Bobby Field from Class C Iceland C to Class D Iceland D. |
| Promoted RF Ramiro Anchia from Class R Iceland R to Class D Iceland D. |
| Demoted 3B Jani Kimmainen from Class D Iceland D to Class R Iceland R. |
| Thursday, June 3rd , 1954 |
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| 2B Jose Ramirez did not elect for free agency and will remain in the Iceland organization. |
| LF Loïc Girault did not elect for free agency and will remain in the Iceland organization. |
| Tuesday, June 1st , 1954 |
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| Released SS Jean-Paul Roques. |
| Released C Aaron Handley. |
