Except really instead of an axe he should be keeping his balance with a spear. (Axes were for poor men who couldn't afford swords, and he obviously already has one of those, so he'd no use for an axe. Plus spears were a very common and useful weapon.)
Axes weren't always just for the poor, in fact the amount of engraved and inlayed axes would speak otherwise. The spear was undoubtedly the most popular weapon of the viking ages, however. Also, he's holding what is sometimes referred to as a 'Dane' axe, the massive weapons of Huskarls and the Varangian Guard. But man this is like, mad old.