Narrative:

On takeoff from hou at 400 ft, the egt on #2 climbed to 938 degrees, causing the red overtemp light to come on. After checking with the captain, I pulled the thrust lever back on #2 enough to keep egt under 930 degrees. The N1 was now back 5 percent below #1 engine. Total overtemp time was between 5 and 10 seconds. In the upper 20's on altitude, the #2 N2 climbed to 105 percent. After pulling thrust back, captain called dispatch and maintenance control, and made decision to divert to dal. The divert was a little busy, but as far as I can remember, we were able to follow all ATC instructions in a timely manner. Landed uneventfully in dal. Got different aircraft and continued flight 2 hours late.

Google
 

Original NASA ASRS Text

Title: B737-500 FLT CREW DIVERTS TO DAL ARPT AFTER EXPERIENCING HIGH EGT AND #2 N2 RPM AFTER TKOF AND CLB FROM HOU, TX.

Narrative: ON TKOF FROM HOU AT 400 FT, THE EGT ON #2 CLBED TO 938 DEGS, CAUSING THE RED OVERTEMP LIGHT TO COME ON. AFTER CHKING WITH THE CAPT, I PULLED THE THRUST LEVER BACK ON #2 ENOUGH TO KEEP EGT UNDER 930 DEGS. THE N1 WAS NOW BACK 5 PERCENT BELOW #1 ENG. TOTAL OVERTEMP TIME WAS BTWN 5 AND 10 SECONDS. IN THE UPPER 20'S ON ALT, THE #2 N2 CLBED TO 105 PERCENT. AFTER PULLING THRUST BACK, CAPT CALLED DISPATCH AND MAINT CTL, AND MADE DECISION TO DIVERT TO DAL. THE DIVERT WAS A LITTLE BUSY, BUT AS FAR AS I CAN REMEMBER, WE WERE ABLE TO FOLLOW ALL ATC INSTRUCTIONS IN A TIMELY MANNER. LANDED UNEVENTFULLY IN DAL. GOT DIFFERENT ACFT AND CONTINUED FLT 2 HRS LATE.

Data retrieved from NASA's ASRS site as of July 2007 and automatically converted to unabbreviated mixed upper/lowercase text. This report is for informational purposes with no guarantee of accuracy. See NASA's ASRS site for official report.