Insert data into a SQL table from another SQL table which has data in a specific format .

Please help me with the below scenario .

Table "A":

Part#              shippinginfo1                           

ABC12             1:9.99:5.99|2:11.99:7.99                                   

I want to populate Table "B" from Table "A" as follows :

Part#         ship_method      ship_cost               handg_cost                     

ABC12        1                        9.99                          5.99                              

ABC12        2                        11.99                          7.99

DEF34        4                         3.44                           5.44

DEF34         6                        8.99                            9.99