In the work presented is a new approach to modelling the bubbly flow in the boundary layer 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 the dissipation of equivalent single phase turbulent flow is obtained. 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 analytical velocity profile. Velocity distributions calculated using the new model have been compared against the experimental data of turbulent bubble flows with small void fraction. Additionally, a solution of the temperature field is also given which enables calculation of heat transfer coefficient and the Nusselt number.