I've heard from both sides. This would be a skydive operation that wants to operate an airplane past the TBO of an engine. They are saying they need to overhaul because they are a commercial operation but I have "heard of" people operating differently.

If the aircraft is being operated under Part 135, yes it does. Calender TBOs also apply.

part 61, 135, and 121 need to overhaul at TBO. skydiving would be under part 91 (everything else) and they can go as long as it will pass anuall and 100 hour inspections.