This is useful in cases where there is a need to replace only a part of a text and the before and after parts have to be retained.
Eg: http://mywebsite/page/1.htm has to be changed to http://yoururl/page/1.htm
select regexp_replace(URL, 'http://.*mywebsite(.*)','http://yoururl\1')
from table
Using the (.*) to put the /page/1.htm is called catchback