The failure of the Russian Proton rocket is going to delay London-based telecommunications company Inmarsat from its largest commercial space project to date.

According to BBC News, the Proton rocket's engine failed just minutes after it launched, breaking apart in mid-air. The rocket was carrying a $1.6 billion satellite for Inmarsat's Global Xpress network.

"The cause of the failure will be assessed by a process known as the Failure Review Oversight Board ("FROB") and a report of its findings is expected to be completed in the next two months," Inmarsat said in a statement. "While the conclusions of the FROB will be important in determining the impact on our launch schedule, we believe a delay in the planned launch of both the Inmarsat-5 F2 and F3 is now likely, which would delay the launch of GX services on a global basis."

Below: WATCH the failed rocket's launch.

The most recent rocket failure was the fifth such mishap, the last of which ending in a rocket flying off its path and crashing into the ground. Before that, a Proton rocket carrying three satellites crashed into the Pacific Ocean.

Russia is a world leader in space exploration and the country announced it launched 30 space-related mission last year, CNN reported. The first Russian Proton rocket carried the first piece of the International Space Station into orbit in 1998.

The Proton's manufacturer, Manufacturer Khrunichev, told BBC News it will launch an extensive review of the rocket's production in search of the root cause. In the mean time, Russia's space agency will suspend future space missions.

"Contact with the carrier rocket was lost in the 540th second after liftoff," an official with the Russian space agency told the country's news agency Itar-Tass. "It is known that the nose cone did not separate from the rocket."