To be eligible to apply for a Skilled - Regional (Residence) you must already hold a 495, 496, 475 or a 487 visa.
The 887 is a permanent visa allowing the holder to travel to, enter and remain in Australia for a period of 5 years from the date of grant and is renewable.
To qualify for permanent residency you will need to demonstrate that you have complied with the conditions of your provisional visa and that you have been employed full-time for at least one year and lived for at least 2 years in a Regional or Low Growth Area if nominated by a State or Territory or in a Designated Area if sponsored by a relative.
There is no additional sponsorship or nomination requirements at this stage.