The Defence Secretary named the Valiant Jetty programme as the first item on a "project of concern" list.
The submarine jetty on the Clyde was reviewed during the second meeting of the Major Projects Board (MPRB), which aims to hold the top 50 equipment projects to account.
Defence officials said the Valiant Jetty project, awarded to Amec plc in 2003, was nearly four years late and was estimated to be running £92 million over budget.
The Falcon communications system and the Watchkeeper surveillance system were also reviewed during the meeting.
Dr Fox, who set up the MPRB in June, said: "It is clear that the additional rigour and scrutiny being applied through the Major Projects Review Board is having a beneficial effect on the behaviours of our suppliers."
"I am pleased that both Falcon and Watchkeeper have made progress since the board's first meeting. However, I am not satisfied with the progress of the Valiant Jetty Project. It is almost four years late and over budget.
"We must learn from the mistakes of the past and move away from the culture of optimism. Too frequently projects ran over-budget and overtime, without any meaningful remedial action.
"Real budgetary discipline can only be achieved through the effective real-time control of project budgets. Our Armed Forces and our country simply cannot afford anything less."
The Valiant Jetty is to serve the new Astute class submarine at the Royal Navy's Clyde base.
It is to deliver base porting facilities for the UK submarine fleet for the next 50 years.
According to its contract, the project should have completed in October 2008.
Amec's earliest estimate of completion is now nearly four years after that, and its latest cost estimate is almost 70% more than the contractual maximum price of £134 million, defence officials said
1 Oct 2011 – The Valiant Jetty is to serve the new Astute class submarine at the ... The Defence Secretary named the Valiant Jetty programme as the first ...
The move of the Valiant Jetty for the Astute class submarines from its birthplace ... More information on the Valiant Jetty and the Astute submarines at Clydesights.
19 May 2009 – The Valiant Jetty will be kept in place by four piles at its corners, each as tall as Nelson's Column, allowing it to rise and fall with the tide.
3 Oct 2011 – Defence Secretary Dr Liam Fox has singled out the Valiant jetty as a 'project of concern' as the MOD gets a tighter grip on its most expensive ...
4 Oct 2011 – The UK Ministry of Defence's Major Projects Review Board (MPRB) got to work back in June and the first results are in: The Valiant Jetty project ...
3 Oct 2011 – The Valiant Jetty is manoeuvred into position by tugs on the Clyde ... The Valiant Jetty project, awarded to AMEC plc in 2003, is nearly four ...
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