I do this quite frequently in a B737. They do a high-rate climb, then chop the throttle and limp out over the ocean before they add power back. Noise abatement procedures.
Ugh I HATE the bastards with the noise abatement rules!
Christ! When in that vulnerable time....I WANT ALTITUDE....FAST! I'm no pilot, but I've heard "altitude is life" and I believe that's more important than someone's morning snooze.