A contrite Flintoff at Monday's news conference in St Lucia
Andrew Flintoff said he was ashamed of the late-night antics which saw him sacked as England vice-captain and banned for the Canada World Cup game.
Flintoff was reprimanded after he fell off a pedalo and got into difficulties in the water early on Saturday morning following a drinking session.
He said on Monday: "I'm embarrassed and ashamed. It shouldn't have happened.
"Being left out for these reasons is something I'm upset about and I never want it to happen again."
The 29-year-old was one of six players fined for a breach of team discipline following the six-wicket defeat to Group C rivals New Zealand on Friday.
After leaving a nightclub close to the team's St Lucia hotel, Flintoff got into a pedalo in the early hours and later needed to be rescued after falling off it, according to media reports.
"There's no secret we had a few drinks on Friday. It's been documented in the press what happened afterwards with a little bit of poetic licence," a downbeat Flintoff told reporters at the hotel.
"There was water involved and a pedalo as well. But I don't want to go into detail. I don't think my life was in danger."
More revelations about Friday's antics appeared in British newspapers on Monday, with some witnesses saying the players were so drunk in the nightclub they were kissing each other.
James Anderson, Jon Lewis, Ian Bell, Paul Nixon and Liam Plunkett were the other players fined.
Flintoff went on: "It was a horrible feeling [to be dropped]. I enjoy playing for England and want to continue doing that.
Sometimes this can have a good effect as long as they pull together
"Hopefully, I get picked on Saturday to play against Kenya. I've had things in my career before when I was younger that I had to come back from.
"I desperately want to perform. I feel I let the team down over the weekend. All I can do is apologise."
Flintoff was applauded by tourists and England fans in the hotel lobby after the news conference.
England coach Duncan Fletcher criticised the judgement of all the players involved in the late-night revelry and said he could find no excuses for their behaviour.
However, he said he wanted to draw a line under the affair and hoped the disciplinary action taken would galvanise the team into going on and winning the World Cup.
"In 48 hours, some really tough decisions have been made but hopefully the right ones have been made to enable us to do what we want to do," he said.
"You hope every decision you make is correct but you don't really know until you look at it in hindsight.
"They have come and apologised. Hopefully, these decisions will pull the side together again. Sometimes this can have a good effect as long as they pull together."
And he hoped that Flintoff especially would be able to put the controversy behind him.
"He realised he has let the team down and knows he has a big job to do from here on in," he added.