In the work presented is a new approach to modelling the bubbly flow in the boundary layer. The approach is based on summation of dissipation energy coming from the shearing turbulent flow in the absence of bubbles and the dissipation contribution from the presence of bubbles. As a result we obtain the dissipation of equivalent single phase turbulent flow. The model has been solved using the method of asymptotic correction to provide an explicit differential equation describing the velocity profile. That can be solved with the assumption of constant void fraction distribution to yield the analytical velocity profile. Alternatively, author has developed his own model of lateral void migration, which is distinct from other models by virtue of presence of another rotational velocity. Velocity distributions calculated using the new model have been compared against the experimental data of turbulent bubble flows with small void fraction. A good consistency between calculations performed using a new model and available experimental data has been obtained. Additionally, a solution of the temperature field is also given. In the case of a constant void fraction distribution analytical distribution of the Nusselt number is given or the set of differential equations needs to be solved.