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updated 5:46 p.m. ET May 8, 2006

FORT LAUDERDALE, Fla. - Tiger Woods has settled a privacy-rights lawsuit over his yacht, aptly named “Privacy.”

Venable LLP, the law firm representing Woods, issued a statement Monday saying the golfer had settled for an undisclosed amount with the builder of “Privacy,” Vancouver, Wash.-based Christensen Shipyards Ltd.

Woods claimed in the lawsuit filed in 2004 that the company had breached its contract by using his name and photos of him and the 155-foot yacht as promotional materials without authorization.

“We made a mistake and truly regret the company’s conduct,” said Christensen president Joe Foggia in a statement released by Woods law firm.

Although the settlement amount was officially kept secret, Christensen’s insurance company, St. Paul Fire and Marine Insurance Co., said in a related court action that the amount was $1.6 million.

In a lawsuit filed last week in Miami federal court, St. Paul asked a judge to order Christensen to pay the entire amount or to limit St. Paul’s share to a $1 million cap cited in its policy with the shipbuilder. No hearing has been scheduled in that case.