Portuguese police boarded the vessel, a sailing yacht, around 200 nautical miles off the Lisbon coast following intelligence from French customs and the US Drug Enforcement Agency.
It was taken to Almada naval base in southwest Portugal where the drugs haul was displayed on the quayside for the media.
According to investigators, the drugs were destined for several European countries.
The Portuguese navy said a 53-year-old man was on board the yacht and was detained.
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