That's the procedure in most airline ops that i am familiar with, certainly on the Boeing's. If it's flown like Tony has stated you will clear obstacles on the flight path. If there are obstacles that you would not clear then there will be an emergency turn specified in the event of an engine failure that the crew would need to comply with.
The only difference from Tony's explanation that i have seen is the turn is complied with prior to accelerating the aircraft to single engine climb speed.