Make eye contact, say the word «skäl», raise your glass, drink and, before putting your glass back on the table, make eye contact with (perhaps even nod to) everyone around the table.
Toasting is an important part of Scandinavian culture. The most important part of their table etiquette to be aware of is their ‘skäling’ [toasting] ritual. On no account take a sip till the host has raised his glass for his first ‘skäl’ (pronounced as ‘skoll’). It is a way of thanking the host for the dinner. Maintain eye contact both before and after drinking. After that, you are free to ‘skäl’ anyone at the table at any time.
The custom of clinking glasses stems from the Middle Ages. At that time, poisoning was common and it was wise to check that nobody had put poison in your glass. To be safe, one of the drinkers would clink his glass against the other’s so that some liquid would pass from one glass to the other („tchin“). The second drinker would then do the same („tchin“). Tchin-tchin!