In their biggest-ever drug haul, New Zealand authorities seized cocaine worth more than $300 million (€279.5 million) found floating in the Pacific Ocean.

The police said it a statement it had recovered 3.5 tons of cocaine — enough to supply New Zealand for 30 years.

"This is the largest find of illicit drugs by New Zealand's agencies by some margin," police commissioner Andrew Coster said.

Officials believe the consignment were dumped at a "floating transit point" in the ocean, where they would have been picked up and transported to Australia.

Intelligence-sharing network aided bust

New Zealand Customs Service acting controller Bill Perry said the 81 bales of cocaine seized "is estimated to have taken more than half a billion dollars' worth" of the drug out of circulation.

The haul was made possible by the intelligence sharing between the "Five Eyes" alliance.

The network, which is several decades old, includes the US, Canada, Britain, Australia, and New Zealand.

"There is no doubt this discovery lands a major financial blow right from the South American producers through to the distributors of this product," Coster said.

"While this disrupts the syndicate's operations, we remain vigilant given the lengths we know these groups will go to circumvent coming to law enforcement's attention."

ss/es (AFP, dpa)