declare @myTable table (myCol varchar(200), Col1 varchar(100), Col2 varchar(100), 
col3 varchar(100), col4 varchar(100))

Insert Into @myTable Values ('Field1=abcdef|Field2=12345678888|Field3=abcccdde|Field4=abc', Null,Null,Null,Null)
Insert Into @myTable Values ('Field1=abcde453f|Field2=1234567herhe8888|Field3=abc43z4erccdde9|Field4=ahdrhdbc9', Null,Null,Null,Null)
Insert Into @myTable Values ('Field1=abcdeegreerhgef|Field2=12345hreher6788889|Field3=abcccdffde9|Field4=abrdfdc9', Null,Null,Null,Null)

declare @i1 int
declare @i2 int
declare @i3 int
declare @i4 int

update @myTable set
	@i1 = charindex('=', myCol)+1,
	col1 = substring(myCol, @i1, charindex('|', myCol)-@i1),
	@i2 = charindex('=', myCol, @i1)+1,
	col2 = substring(myCol, @i2, charindex('|', myCol,@i2)-@i2),
	@i3 = charindex('=',myCol, @i2)+1,
	col3 = substring(myCol, @i3, charindex('|', myCol,@i3)-@i3),
	@i4 = charindex('=',myCol, @i3)+1,
	col4 = substring(myCol, @i4, 255)
select * from @myTable